RTTNews - Friday, regular sales data from the Real Estate Institute of New Zealand showed that median house price in July was NZ$340,000, the same as in June and also identical to July 2008.

Nearly 6,014 properties were sold nationally in July compared with 6,040 in June. This figure is well up on the 4,489 sold in the same month of the previous year.

The market has certainly recovered well from the lows of mid-2008, REINZ President Mike Elford said. You wouldn't call it brilliant, but there are positive signs such as more listing stock.

REINZ also launched a monthly housing price index, a better tool for analyzing the housing market. The housing price index for July increased 1% to 3134.1. In the three months to July, housing prices rose 2.2%.

In another positive sign of a recovery in the housing market, the median number of days to sell a house nationally fell to 37 in July from 41 in June and 58 in July 2008.

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