Latest figures suggest momentum in the housing market is starting to fade.
The Real Estate Institute says there has been a slight pick up in the property market in the month of February.
About 5029 homes sold in the month, up from about 3600 in January.
But the number is down on the 5200 properties sold in February last year, and half that seen in February 2005, during the housing market boom.
ASB economist Jane Turner says the figures confirm market sentiment that activity in the housing market is slowing.
She says houses are taking longer to sell, which suggests a bit more balance between supply and demand in the housing market.
Ms Turner says uncertainty over the Government's plan to change tax rules for property investment may also be slowing house sales.