Auckland houses prices


PHOTO: DAVID WHITE/STUFF In Auckland, the median price slumped 3.5 per cent to $820,000.

A slump in residential property sales volumes is being blamed on sellers being hesitant about taking their properties to market.

The Real Estate Institute has released its latest data, which shows house sales were down 6.1 per cent in August compared to the same time a year earlier.

It was the lowest level of sales in seven months.

Southland had the biggest decline. There, the number of sales was down 33.2 per cent.

Chief executive Bindi Norwell said the sales slump was a surprise considering July had shown signs of improvement.