Caution has crept back into the Auckland housing market, as home owners put off selling.
Real estate firm Barfoot and Thompson's latest figures show the number of properties on the market slipped to a four-year low in June.
The company, which has a 40% market share in the city, says the average sales price fell to $521,019 - a 1.6% drop compared with May - and was also down slightly compared with June last year.
The number of house sales fell 1.8% compared with May, but rose 31% compared with a year ago.
Barfoot and Thompson managing director Peter Thompson says while sales are still on the rise compared with last year, a lack of confidence in the future of the economy is acting as a natural handbrake.
Mr Thompson he expects the caution to continue over coming months.