Latest real estate figures confirm the housing market is treading water.
The Real Estate Institute says the median sale price climbed $500 in March to reach $360,500 - the highest March result for 20 years.
The index is 1.7% higher than February and 7% higher than a year earlier.
Sales by institute members have risen almost 23% from February, to more than 6000, but were 8% lower than a year ago.
ANZ chief economist Cameron Bagrie says it is a slight improvement, but nothing to get too excited about.
Quotable Value figures issued this week showed house prices grew for a sixth consecutive month in March, but market activity remains subdued.
REINZ president Peter McDonald says first-time home buyers are coming back into the market.
Home loan approvals fall
Home loan approval numbers have dropped to a record low and are down 30% on the same week a year ago.
Reserve Bank figures show just under 4440 home loans were approved last week.
Radio New Zealand's economics correspondent says the figures are the lowest - excluding Christmas holiday weeks - since records began in 2003 and mirror a slowdown in turnover in the housing market.
Harcourts real estate company says this is because of possible property tax changes and colder weather.
However David Tripe, of Massey University, says banks have tightened lending criteria.
He says criteria should ease as the economy recovers but banks will not return to their old lending habits.
