The housing market slumped further in July with sales volumes taking a dive and selling prices easing further.
According to the Real Estate Institute of New Zealand, 6090 residential properties were sold in July, down 1.2% compared to June and down 10% compared to July last year.
And in an ominous sign for the market, the sharp drop in sales wasn't mainly driven by the Auckland market.
July's Auckland sales volumes fell 1.3% from June, and 8.9% from July last year. Sales in the rest of the country, excluding Auckland, dropped 2.3% from June and 10.5% from July last year.
Selling prices also declined but not by as much as sales volumes.
At the national level, the REINZ House Price Index (HPI), widely considered to be the most reliable indicator of house price movements, declined 0.4% compared to July last year.
In Auckland the HPI was down 1.7% compared to July last year.
The national median selling price was $760,000 in July, down 1.9% compared to June.
In Auckland the median selling price was $940,000 in July, down 4.1% for the month.
"There is still activity in the market with people buying and selling every day," REINZ Chief executive Lizzy Ryley said.
"What has changed is the pace," she said.
"Buyers are taking longer to carefully consider their options, and sellers are sometimes allowing more time for the right buyer to come along," Ryley said.
The table below shows the monthly, quarterly and annual movements in the HPI for all NZ regions.
REINZ House Price Index - July 2026
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