The number of Northland property sales in May was the third highest of any month in the past year and only 10 sales below a new record, although the median price across the region had dropped from April.

There were 356 sales across the region, up from 222 in May 2015. The median price in May was $350,750 compared to $355,000 in April and $332,500 in May 2015.

In urban Whangarei, the median price in May went up to $355,000, compared to $321,000 in April and $290,000 in May 2015.

The median rural price was $562,500, up from $505,000 in April and $430,000 in May 2015.

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Kerikeri prices rose and had elevated the overall Northland price, with a median of $595,000 this May (up from April's $530,000 and last May's $420,000).

"The Northland market is experiencing very strong sales growth with an increasing number of investors in the market and continuing declines in the number of properties available for sale," Reinz regional spokesman Bryan Thomson said.

The national median house price was $506,000 in May, a record high but a figure that includes Auckland prices. Taking Auckland out of the equation, the national median sales price sits at $385,000.