The national median house price slipped off its high by $5000 between January and last month but volumes picked up.
Real Estate Institute sales figures out yesterday showed the national house price median fell from $300,000 in January to $295,000 last month.
Agents made 7930 sales, up on January's 6360,
but institute president Howard Morley said the numbers were still well below February last year when 10,145 properties were sold.
It took an average of 31 days to sell a property in February last year. Last month, sellers took an average 37 days, indicating the sector was well off its peak.
Other large agencies including Barfoot & Thompson and Harcourts have also reported a slow start to the year and are saying the market is reaching a state of equilibrium. Mr Morley said this year was always going to be more subdued because of the Reserve Bank's tightening of interest rates and because of the signs of deterioration in consumer and business confidence.
Median change from January to last month:
Auckland - up from $370,000 to $385,000
North Shore - down from $460,000 to $432,000
Waitakere - up from $335,000 to $345,000
Auckland City - up from $370,000 to $430,000
Manukau - up from $345,000 to $365,000
Papakura - down from $385,000 to $270,000
