High mortgage rates are continuing to pressure the housing market as the year starts with slow January sales. 

CoreLogic data shows there were more than 3,100 sales last month, up just 2% on the same time last year.

It's the slowest start to a year since 1983.

Chief Property Economist Kelvin Davidson says a slowdown in the Auckland market has also had a big impact. 

He says mortgage rates have stopped increasing but aren't falling either, which is creating a bit of variability in the market, which he expects to continue for a while yet.

LISTEN ABOVE

High mortgage rates are continuing to pressure the housing market as the year starts with slow January sales.  
CoreLogic data shows there were more than 3,100 sales last month, up just 2% on the same time last year. 
It's the slowest start to a year since 1983. 
Chief Property Economist Kelvin Davidson says a slowdown in the Auckland market has also had a big impact.  
He says mortgage rates have stopped increasing but aren't falling either, which is creating a bit of variability in the market, which he expects to continue for a while yet. 
LISTEN ABOVE

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.

A fresh and intelligent start to your day - catch the very latest international and domestic news developments, sport, entertainment and business on Early Edition with Ryan Bridge, on Newstalk ZB.