WELLINGTON, (Reuters) – Tighter lending requirements and higher interest rates continue to impact house prices in New Zealand and the sales activity there, according to the Real Estate Institute of New Zealand.

According to REINZ, the median national house price fell by 4.8% from February. However, it is up 7.4% year-on-year.

Sales of residential properties decreased by 33.5% from March 20,21, when they were 10,151, to March 22, 2021, at 6,752.