House sales down but market moving at different speeds
Wednesday, 15 July 2026
House sales around the country took a dive in June, but buyer caution and regional differences are shaping the overall market picture, the Real Estate Institute says.
There were 5996 sales nationwide in June, a decline of 2.9% from 6176 at the same time last year, the institute’s latest data shows.
On a monthly basis, sales were down 11% from 6735 in May, although once seasonally adjusted they were down just 1.7%.
Sales in 11 of the 16 regions were down on an annual basis in June, and in Auckland, Wellington and Canterbury they had declined by 5.6%, 10.3% and 2% respectively.
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But June’s national sales count ranked 23rd of the 35 June results on record, and that ranking put it comfortably above the lowest years, and matched May’s historical position, according to the institute.
Real Estate Institute chief executive Lizzy Ryley said it indicated the market was holding its footing, and that once winter seasonality was taken into account, national sales activity was little changed from May.
The market continued to show signs of becoming more settled, but there was no single national story, she said.
“The housing market has become a series of local markets moving at different speeds. Buyers and sellers in one part of the country are having a very different experience from those in another.”
The institute’s national house price measures turned in patchy results in June. While the national median price was up 0.7% annually to $770,000, it was down 1.3% on the previous month.
At the same time, the institute’s house price index, which smooths out variations from sales figures, was down 0.8% on the same time last year, and down 0.9% on May. It is now 16.9% below the market peak.
On a regional basis, median prices were up in six of the 16 regions year-on-year, and one of those regions was Canterbury where prices were up 5.2% to $710,000.
Prices were also up in Waikato and Bay of Plenty, by 07% and 3.8% to $745,000 and $830,000 respectively
In Wellington prices remained flat on $750,000, but in Auckland prices dipped 1% to $980,000, and Marlborough recorded the biggest price fall in the country, down 14.9% to $600,000.
Ryley said current market indicators suggested conditions were likely to remain broadly stable through winter.
While interest rates remained an important influence on buyers, there were a range of factors influencing confidence, she said.
“We’re not seeing a single event prompting buyers or sellers to suddenly change course. That measured approach is contributing to a market that’s remained relatively steady.”
But conditions continued to vary across the country, and they did not expect every region to follow the same path from here, Ryley said.
“Our members are telling us that buyers remain engaged, but they’re taking their time, doing their research and making well-informed decisions.
“Local salespeople generally expect the stability to help activity gradually build over the coming months, as confidence improves and more properties come to market.”
The institute’s data showed national inventory levels increased 7.3% annually to 34,761 properties, while new listings rose 4.3% to 7942.
And the median time taken to sell a property came in at 48 days, an improvement of one day on June last year.
Meanwhile, economist Tony Alexander’s latest survey of mortgage brokers was out on Tuesday, and it found that overall demand for financing was low - in a reflection of the quiet times in the market.
But survey respondents also reported that the investor part of the market remained far quieter than that for first home buyers.