Harcourts' average selling prices dropped everywhere except Auckland last month, causing the agency's national average selling price to fall $43,922, or 7.4%, to $550,771 in August from $594,693 in July.
However August's average price was still $37,008, or 7.2%, up from the average of $513,763 in August last year (see table below).
But prices in Auckland went against the trend where the average price rose $5,519 to $955,275 in August from $949,756 in July.
Throughout the country Harcourts sold 2056 residential properties in August which was 70 more than the 1986 it sold in July, but down 24 from the 2080 it sold in August last year.
Auckland also went against the trend in sales volumes, with Harcourts selling 507 homes in the Auckland region in August, down 80 on the 587 it sold in July, and 101, or 16.6%, below the 608 it sold in August last year.
However there was a definite hint of a spring surge in the air, with the agency signing up 2601 new listings in August, well up on the 2009 it signed up in July and the 2391 it signed up in August last year.
"The traditional spring wakeup was already apparent in August, with the central region, Wellington and Christchurch all showing a jump in the number of new listings," Harcourts CEO Chris Kennedy said.
"Sales consultants are already reporting a lift in the number of appraisals being sought."
However the market remained tight.
"Record prices are symptomatic of the underlying problem affecting the property market, population growth is not being adequately catered for with new builds," Kennedy said.
"Demand from new immigrants and investors remains strong."
Harcourts Sales August 2016
|August 2016||July 2016||August 2015|
|Number of sales||507||587||608|
|Central North Island|
|Number of sales||485||403||543|
|Number of sales||288||294||274|
|Number of sales||401||413||384|
|Rest of South Island (excluding Christchurch)|
|Number of sales||265||235||202|
|Number of sales||2046||1986||2080|
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