The number of houses newly listed for sale in Auckland has dropped to a decade-low, but the tight supply is not inflating sales prices.
Barfoot and Thompson's latest figures show the realtor had only 1050 new listings on its books in July.
While sales were steady, prices dropped to an average $530,191, a 1% fall compared with a year ago.
On a monthly basis, Auckland house prices edged up 1.8% and sales fell by 10.9% in July compared with June.
Chief executive Peter Thompson says the market is stable but people are still cautious.
He says although demand is outweighing supply, houses are still selling for a fair market price.
