Real Estate NZ spokesperson Vanessa Williams says there has been a four percent drop in listings from this time last year. Photo: RNZ / Nate McKinnon
Real Estate New Zealand says buyers are still busy despite there being fewer houses on the market.
Real estate statistics for July showed the number of newly listed houses declined for the third consecutive month.
Real Estate NZ spokesperson Vanessa Williams said there was roughly 30,000 homes on the market compared to roughly 36,000 in March and April.
She said there was also been a four percent drop in listings from this time last year.
"Thinking about this time last year over winter, interest rates were so high, we actually saw sellers putting their properties on the market, however buyers not snapping them up, so we did see that pool grow over last winter.
"With those drops in interest rates and now levelling off, I think there are more buyers snapping up homes."
She said sellers might also be waiting for spring, when there was typically a spike in new listings.
The national asking price for a house had remained stable at about $850,000 where it had been for the past two years, she added.
"That big pool of homes we've still got to move though the market is keeping those prices stable and also with a lot more legislation around the housing market and how you can transact."
But parts of the South Island including Southland and Central Otago Lakes have bucked the trend, with housing stock and prices rising in July.
"We're still seeing a lot of growth in that building and construction market so perhaps there's still a healthy micro-climate down there."
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