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New home sales fell 1.3 per cent in August, HIA data showed yesterday.
Detached house sales fell for the seventh consecutive month, dropping 2.4 per cent however there was a 5.8 per cent jump in multi-unit sales.
While the overall August figure was down it was an improvement on the 7.2 per cent drop recorded in July.
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HIA chief economist Harley Dale said there was still a shortfall of 45,000 dwellings this year alone.
“A further rate cut at the start of October is imperative in the current fragile economic climate,” Mr Dale said.
Published: 26-09-08
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