The number of new houses being listed for sale has declined.
Realestate.co.nz's latest housing report found new listings fell 4% to 12,732 in March compared with the same month a year ago, with the main centres experiencing the largest falls, indicating supply is not keeping up with demand.
Wellington fell 10%, Christchurch 9% and Auckland 5%.
The stock of unsold houses stood at 27 weeks of equivalent sales, well below the long term average of 39 weeks of supply, and it's more acute in the main centres, with Auckland 45% below its long term average and Christchurch 45% below it.
Asking prices rose 3% to $444,883, driven by Auckland and Canterbury, and it's near the record high set in November last year of $446,277.
But 11 of the 19 regions did experience declines.