Reinz spokesman Bryan Thomas said buyer demand remained strong across the region, with the low number of properties for sale restricting choice.
Leaders managing director Elanor MacDonald said open homes were seeing record crowds.
"Between 12 and 20 groups are coming through, which is more than we've seen since 2006," she said.
Despite the interest, July sales volumes were down 16 per cent compared with July 2015.
"The main reason volumes are down is because we have 40 to 45 per cent fewer houses available to actually sell.
"I would suggest if we had that much stock in the market we would have blitzed last year, because the buyers are definitely there."
The July median price lifted 6 per cent on July last year but fell 2 per cent across the region compared with June, which Ms MacDonald said was a statistical spike, with the long-term trend continuing to rise.
In Hastings the July median sales price rose 23 per cent compared with July last year and in Napier the rise was 10 per cent.
The Hawke's Bay July median price was $310,000, Napier $366,000, Hastings $310,000, Hawke's Bay Country (small settlements) $290,000 and Dannevirke $152,500.
Tremains Real Estate director Cam Ward said he expected the median sale price to increase significantly over the next two to three months.
"We are doing multiple offers on most properties now and the price is being driven up," he said.
"Some of the prices we are achieving are just fantastic. It just has to come through in the stats."
Valuer Andrew White of My Valuer said buyer interest was coming from both inside and outside of Hawke's Bay.
"A lot of heated demand is coming from investors and speculators, however the recent change in Reserve Bank lending criteria for investment property may affect out-of town investor interest, with 40 per cent equity now required. However, we don't see any short-term change in the level of demand that currently exists."
Mr Thomas said the effect of new higher deposit requirements was yet to be determined but first-home buyer demand remained "solid" in Hawke's Bay thanks to changes to KiwiSaver rules.
Nationally four regions (Northland, Auckland, Waikato/Bay of Plenty, Manawatu/Wanganui) hit new record-high median sale prices, while the national median increased to $505,000 from $500,000 in June.
Central Otago Lakes recorded the largest increase in median price compared with July 2015 at 32 per cent, followed by Waikato/Bay of Plenty at 26 per cent and Northland 16 per cent.
