Housing market ‘is holding up’ ‒ despite holiday lull
Thursday, 22 January 2026
Housing market momentum dropped off in December heading into the holiday season, with sales down for the second month in a row, new Real Estate Institute figures show.
But that’s not unusual at this time of year, with the seasonal slowdown often mentioned in industry lore.
The institute’s data put the number of sales nationwide in December at 6644, a drop of 12.2% on the previous month. In November they were down 5.7% on a monthly basis.
Sales fell in 13 of the 16 regions in December, with Auckland’s sales hit hardest with a drop of 19.1%.
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Nelson, Tasman and Southland were the only regions to buck the trend with their sales counts up 4.8%, 1.4% and 2.6% respectively.
Real Estate Institute chief executive Lizzy Ryley said once seasonal patterns were accounted for, the decreases were much smaller.
It could be difficult to separate normal seasonal changes from genuine market shifts over the period from November through February, she said.
“While raw sales counts usually fall from November to December, after adjusting for seasonal trends, it is clear that the market is holding up.”
On an annual basis, sales nationwide were up 8.1%, and were higher in all but two regions (Marlborough and Otago) than at the same time last year.
The national median days to sell also improved, dropping to 39.
December was usually a quiet month for the market, but compared to the same time last year, activity appeared stronger in several areas, she said.
“In particular, attendance at open homes and inquiries around listings were above what was seen at this time last year, suggesting improved engagement despite the typical seasonal slowdown.”
Ryley said house prices remained largely stable across the country and in Auckland in December, and in regions such as Waikato and Manawatu/Whanganui, activity was stronger than expected.
“This suggests that, despite the usual seasonal slowdown, the market is resilient and confidence is gradually returning, particularly in regions where buyers and sellers are active.”
The national median price dropped 1.6% to $786,977 in December from $808,000 the previous month, but it was up 1.4% annually, according to the data.
While median price movements were a mixed bag over the month, the data also showed 12 of the 16 regions recorded an increase in prices year-on-year.
Gisborne turned in the biggest annual price rise, up 24.8% to a record median of $730,000, while Canterbury had the strongest growth of the main centres, up 3.6% to $725,000.
Auckland’s median rose 1.5% to $1.01 million, putting it above $1 million for the third month in a row, and Wellington’s inched up 0.7% to $770,000.
Meanwhile, the institute’s house price index, which smooths out variations that come from sales figures, was down 0.6% on November, and down 0.4% on the same time last year. It was 15.7% below the market peak.
Ryley said lower interest rates had improved affordability and encouraged more buyers to re-enter the market, while pricing remained relatively accessible compared with previous peaks.
“At the same time, high levels of available stock mean buyers have plenty of choice, allowing them to take a more measured and confident approach when making decisions.”
New listings continued to rise around the country, up 2.8% annually to 4900 in December, and that left the total number of homes for sale at 30,390 up 3.1% on the same time last year.
“Overall, 2025 closed with confidence continuing to build, setting a constructive foundation for the year ahead,” she said.
“Looking to 2026, the market is expected to see momentum gradually improve as conditions continue to stabilise.”