“..New Zealand is awash with unsold houses which could take nearly a year to clear.
The Institute of Economic Research’s principal economist, Shamubeel Eaqub, said Real Estate Institute figures out yesterday showed the market had weakened considerably and he noted extremely low turnover – 5029 sales nationally last month compared with 10,145 in February 2005.
“According to realestate.co.nz there were 54,381 homes for sale in February.
There were 5029 sales in February – at that rate it will take 11 months to clear the current inventory.”
Last year, the market had seven to eight months of inventory.
“Sales are stuck at very low levels and the market is awash with unsold homes,” Mr Eaqub said..”
go to source/story>>Lots of houses, not enough buyers – Business – NZ Herald News
