Sales through Auckland's largest real estate agency fell 15 percent last month compared with February last year, although prices held steady.
Barfoot & Thompson said it had the highest number of houses listed for sale since March last year.
The agency said it had 3,674 houses on its books and the median house price rose 7 percent to $620,000.
Managing director Peter Thompson said there had been a change from a sellers' market to a more neutral position and warned vendors not to over-price their properties.
Mr Thompson says buyers now have more choice and can start to shop around but that greater choice means greater competition and sellers need to be realistic.
