The housing market continued to cool in July, with prices and seasonally adjusted sales volumes all lower compared to June, according to the latest Real Estate Institute of NZ data.

The REINZ House Price Index (HPI), widely considered to be the most reliable measure of house price movements, declined by 0.4% in July compared to June and was down by 1.8% over the three months to July, but almost unchanged (+0.1%) compared to July last year.

Prices were particularly soft in the country’s largest real estate market, with the HPI for Auckland declining by 1.8% compared to June and down 3.3% over the three months to July.

All districts within the Auckland region posted monthly declines in July, ranging from -0.1% in Waitakere to -2.6% on the North Shore – see table below for the full figures.

The national median selling price declined slightly from $770,000 in June to $767,250 in July, while Auckland’s median price declined from $990,000 in June to $975.000 in July – see the interactive median price graph below for the full regional  median price movements.

The number of sales was both up and down for the month, with the REINZ publishing two sets of sales data.

Actual sales numbers were 6319 in July, which was up 5.4% compared to to June, but seasonally adjusted sales were down 1.7% compared to June.

New listings were slightly stronger, with 7737 received in July, up from 7612 in June, which means buyers will still have plenty to choose from.

“While buyers remain active, local salespeople around the country say they’re not in a rush to purchase,” REINZ Chief executive Lizzy Ryley said.

“With the median days to sell holding steady or improving slightly, it’s clear that buyers still feel they have time to assess the market,” she said.

REINZ House Price Index July 2025

Select chart tabs

NZ total
Northland
Auckland
Waikato
Bay of Plenty
Gisborne
Hawke’s Bay
Manawatu
Taranaki
Wellington
Tasman
Nelson
Marlborough
West Coast
Canterbury
Otago
Southland

 

Select chart tabs

NZ total
Northland
Auckland
Waikato
Bay of Plenty
Gisborne
Hawke’s Bay
Manawatu
Taranaki
Wellington
Tasman
Nelson
Marlborough
West Coast
Canterbury
Otago
Southland