Institute chief executive Colleen Milne said the surge in sales volumes last month compared to January was a little stronger than normal, but partly reflected weaker than expected January sales.
"The data also shows that there has been no increase in the median price for New Zealand, excluding Auckland, between February last year and February just gone.
"This underlines again the view that there are two distinct real estate markets in New Zealand - Auckland and the rest of the country.
"While politicians and policy makers focus on solutions to the Auckland region's housing supply problems, they will also be right to reflect on the need to ensure that any national application of new policies doesn't have an adverse effect on the rest of the country."
Auckland recorded the largest percentage increase (14 per cent) in median price compared to February 2014, followed by Central Otago Lakes (12 per cent) and Otago (6.8 per cent).
All regions recorded an increase in sales volumes compared to January, with Waikato/Bay of Plenty recording the largest (61.8 per cent), followed by Canterbury/Westland (58.6 per cent) and Hawke's Bay (54.3 per cent).
Dwellings took a median of 41 days to sell in February, one less than in January and the same as for February 2014.
Transactions in Auckland again dominated the auction market in February, representing 70 per cent of the national total of auction sales.
Last month 37.9 per cent of all dwelling sales in Auckland were by auction, compared to 31.9 per cent in February 2014.
Nationally, there were 1272 dwellings sold by auction in February - representing 18.4 per cent of all sales and an increase of 207 on the number sold by auction in February 2014.
The report also showed there were 173 more (6 per cent) sales under $400,000 in February 2015 than in 2014.
By the numbers:
• 6898 dwellings were sold in February, up 12.6 per cent on February 2014 and up 42.5 per cent on January
• National median price hit $430,000, up $15,000 on February 2014 and up $4,000 on January
• National median price rose 3.6 per cent in the 12 months to February 2015.
• Auckland's median price rose 14 per cent from $592,000 to $675,000, in the same period.
• National median price, excluding the effect of Auckland sales, flat at $350,000 compared to February 2014.
• 1272 dwellings sold by auction in February, 207 more than in 2014.
See REINZ regional figures here
