New listings of houses available for sale dipped in November, particularly in Auckland.
Realestate.co.nz, which lists more than 95% of houses for sale in New Zealand, said new listings nationally fell 5% in November compared with October, when there was a surge of 27%.
Auckland listings for last month dropped more than 7% after jumping by 28% in October.
ASB Bank chief economist Nick Tuffley said house prices were likely to continue to rise, although the pace of growth would probably slow.
"There has been a bit of an uptrend in the number of new listings coming to market but in October we saw a bit of a jump but that has been largely reversed over November," Mr Tuffley said.
"So the gradual upward trend is still there but the sharp response that appeared to occur over October has really been unwound."