The Real Estate Institute in New Zealand has said that the national house prices have reached their highest level ever.

The data released by the institute on Thursday shows that the median house price during the month of March touched $400,000, which is its highest level ever. The average house prices have risen 8 per cent or $30,000 to $400,000 compared to the same month of the previous year. The shortage of housing options has kept the prices high, mainly in areas including Auckland and Christchurch.

Helen O'Sullivan, the chief executive of Real Estate Institute announced that a total number of houses sold increased 23 per cent to 8128 houses in March from the previous month. The level of 8128 houses is the highest number of houses sold in the country since May 2007ebfore the global economic slowdown.

The housing prices in New Zealand have risen to its highest level ever during the previous month. The prices of houses in the country touched record high due to the limited supply of houses. The prices have been particularly very high due to limited supply. It is believed that the lower number of listings for sale or falling supply has resulted in higher prices in the country. The IMF had said that the government is taking appropriate steps to address the situation but added that the rising property prices in Auckland and other parts of the country could affect the economic growth in the country.