Barfoot & Thompson in Auckland says vendors need to start being realistic about their sale price as the market becomes more competitive.
Sales through Barfoot & Thompson fell 15 percent last month compared with April last year, with prices cooling slightly.
The agency, the largest in Auckland, said this was as expected because Easter, ANZAC Day and the school holiday period all fell during the month.
Managing director Peter Thompson said lower April sales were partly a seasonal effect but restrictions on mortgage lending to people with small deposits and interest rates were keeping prices in check.
The median house price also fell 5 percent to $620,000. But there was an increase in the number of new listings: 1630 houses were put on the market compared with 1532 in April last year, which was helping to make the market more competitive.
Mr Thompson said vendors now had to be "very realistic" about their sale price.
The company was about back to its 2012 figures in Auckland; "more of a realistic market" and about 10 to 15 percent down on 2013, which was quite a big increase over previous years,
Barfoot & Thompson sold 811 properties in the month, of which 67 percent were sold for more than $500,000, while 286 homes sold for more than $750,000 and 120 went for more than $1 million.