The latest figures show house sales and prices remained steady last month, indicating the market is stabilising, albeit at lower levels of demand.
The Real Estate Institute's new house price index, which has been designed to reflect price changes more accurately, increased by 1% in July and is 0.9% higher than a year earlier.
The institute says sales stood at 6,014 in July, a decrease of less than 0.5% on the previous month, but 34% higher than in July a year ago.
The median house price in July of $340,000 was the same the previous month.
