The Free Market At Work

With the coldest and wettest month of the year just past it’s a wonder that there was the activity there was. The small price correction is a perfect example of how the free market works and a caution to those who believe meddling in that market with controls and restrictions is the way to go.

Prices down, sales up in latest property stats
Monday Aug 12, 2013
House prices dipped last month, says the Real Estate Institute, but the number of properties changing hands was up more than 10 per cent from the month before.
There were 6,777 sales in July, a six-year high for that month. The national median price fell $9,000 -2.3 per cent, compared to June to $385,000. It is now $15,000 below the record median set in March this year.
The National Stratified House Price Index – which accounts for the make-up of high or low priced properties sold – fell 0.5 per cent last month. The Auckland stratified index also fell – down 4.4 per cent from June.

Read the rest here:

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10911271

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