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New Zealand Home Prices Suffer Close Quarterly Drop
The New Zealand housing market saw one of its worst quarterly dips in the three months leading up to September, and it may not be done yet. CoreLogic New Zealand reports that the 4.1% quarterly decrease is second only to the 4.4% reduction during the 2008 financial crisis, which occurred 14 years ago. CoreLogic said on Wednesday in Wellington that property values had fallen for the sixth straight month, decreasing 1.5% after falling 1.8% in August. The annual rate of gain also reduced to 2.8%, the lowest since 2019. Property Slide The housing market quarterly declines the largest since 2008.