Other recent data from REINZ also shows sales volumes rose 9.5% year-on-year in April, although median prices dipped 1.1%, reflecting ongoing buyer price sensitivity and persistent inventory pressure.
Home values increase for fourth straight month
The Cotality Home Value Index rose 0.3% in April, marking the fourth consecutive monthly gain. Over the past three months, national values have risen by 0.9%.
Among major centres, Hamilton and Christchurch led the gains, while Dunedin, Wellington, and Tauranga recorded flatter results.
“Despite these signs of improvement, the market remains tilted in favour of buyers,” Davidson said. “Stock levels are still elevated by historical standards, which will likely keep price growth in check.”