The number of consents for new houses and apartments has remained flat.
Official figures show that the seasonally adjusted number of dwelling consents in August was unchanged from July.
Excluding apartment numbers, which are volatile, consents fell 1.6 percent.
Regions that issued the most consents for new dwellings were Auckland and Christchurch, accounting for 59 per cent of the national total.
ANZ economist Mark Smith said there has been a lull in activity, but expects it will pick up.