Housing values moved modestly on either side of zero over the three months to the end of May, according to QV's House Price Index.
The national average dwelling value was $912,190 at the end of May, up 0.3% over the previous three months. However, that was down 0.2% year-on-year, and down 14.2% from the market peak in early 2022.
Around the country, average values increased in 11 urban areas, declined in six and were unchanged in two.
The biggest increase in value was in Invercargill, up 1.7% for the quarter, while the biggest decrease was in Whanganui, down 3.1%.
Values were flat in Auckland, the country's largest property market.
QV spokesperson Simon Petersen said the latest figures pointed to a market that remained broadly stable but increasingly patchy around the edges.
"There's a steady supply of houses for sale and enough buyers to meet the market, but not nearly enough competition to drive prices upward in any major way," he said.
The chart below shows the average values in all main urban districts and their quarterly change.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.