Buyers outpace listings despite rate rises

Houses were sold at a faster rate than they were being listed in the three months to May as vendors continued to hold off and as buyers remain undeterred by further interest rate increases, new data shows.

A total of 78,700 homes were sold nationwide over the past three months to May, while only 68,250 were listed, resulting in a sales to listings ratio of 1.15 according to CoreLogic.

“This shows housing demand outweighs the number of new listings added to the market,” said Tim Lawless, CoreLogic research director.

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