House prices have continued to rise, in spite of a fall in sales.
Real Estate Institute executives say sales fell to 5653 in September, 6% lower than the previous month, though still 8% higher than a year ago.
The median house sale price edged up to 371,000.
ASB senior economist Jane Turner says listings lagged robust demand, particularly in Auckland. "We're actually seeing a bit of a dip in turnover," she says.
"What we suspect is happening here is that the lack of new supply (of properties for sale) on the housing market has reduced the ability for sales to continue at their recent pace".
The institute's house price index rose 0.6% in September, and has risen 5% from the same month last year.
