The median price of properties sold in Rotorua in October has jumped 51 per cent in the past year - but the number of houses sold has taken a dip.

Figures released by the Real Estate Institute of New Zealand showed the median price for properties sold in Rotorua in October reached $371,750 - a jump of 23 per cent on the previous month's median of $300,000.

It is also up 51 per cent on October last year, when the median price was $246,000.

Meanwhile the number of houses took a dip with 110 sold in October, compared with 115 in September and 159 in October 2015.

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REINZ regional director Philip Searle said across the Bay of Plenty and Waikato areas there were lower numbers of investors in the market and something of a decline in first home buyer numbers also as the market adjusted to the new LVR rules and tighter lending conditions from banks.

"Inventory levels remain low across the region with a significant decline in the number of properties for sale over the past 12 months."