The REINZ's February sales volumes and selling prices were unchanged from a year ago

The housing market was basically flat in February, with overall sales volumes and selling prices almost unchanged from a year ago and properties taking a little longer to sell.

The Real Estate Institute of NZ reported 6523 residential sales in February, up by just 0.3% compared to February last year.

Prices were similarly stuck in the mud, with the REINZ's House Price Index (HPI) unchanged from February last year.

In Auckland, the country's largest real estate market market by far, the HPI was down 1.1% compared to February last year - see the table below for the full regional figures.

While sales volumes and selling prices remained unchanged overall from a year earlier, properties were taking longer to sell, with the average time it takes to sell a property increasing to 56 days in February, up by two days compared to February last year.

"Three key forces shaped market activity during February - weather, interest rates and the approaching election," REINZ Chief Executive Lizzy Ryley said.

"Severe weather disrupted activity in several regions, while the Reserve Bank's decision to hold the Official Cash Rate at 2.25% signals that the period of falling interest rates has likely ended," she said.

"The confirmation of the November election, alongside renewed policy debate around a potential capital gains tax, is also creating some uncertainty for investors," Ryley said.