WELLINGTON (Reuters) – Compounding factors are influencing falling house prices and sales in New Zealand, the Real Estate Institute of New Zealand (REINZ) said on Tuesday.

The national median home value fell 2.2% in January from the previous month, according to REINZ.

Seasonally adjusted nationwide median home prices edged up 1.4% in January from December and were up 20.3% year-on-year, according to REINZ.

The number of residential property sales fell 28.6% in January, from 5,135 in January 2021 to 3,665.

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