The median sales price has increased by 0.7 percent from the same time last year to $795,000. Photo: Unsplash / Blake Wheeler
House prices remain subdued across the country but the market is seeing an uptick in activity, according to the Real Estate Institute.
REINZ's October house price index, which measures the changing value of homes, fell 1.1 percent from a year ago.
Prices remained flat with the median sales price increasing by just 0.7 percent from the same time last year to $795,000.
In Auckland, the country's biggest market, prices recorded a 4.3 percent fall from the previous year to $1,000,500.
Chief executive Jen Baird said salespeople were reporting more confidence among vendors and buyers.
"Salespeople are seeing more confidence now we're into spring, and this shows signs of a busier market leading up to Christmas," Jen Baird said.
A bright spot was the seasonally adjusted sales count which was up 17.4 percent over the past year.
"While median prices are gradually catching up, local salespeople note that some buyers remain cautious about overpaying for properties due to relatively high interest rates. The environment encourages buyers to be more strategic in their approach," she said.
The seasonally adjusted sales count for the country fell 2.6 percent month-on-month.
Overall new listings surged to 11,572 nationally year-on-year to record an increase of 21.4 percent.
The national inventory level grew by 26.3 percent annually. While the time it takes to sell a property nationally has also increased by four days year-on-year to 42 days.
All 15 regions had an increase in inventory in October compared to one year prior.
Regionally ten out of sixteen areas reported an increase in median prices over the past year, with Marlborough leading the charge at 18.3 percent.
The West Coast recorded a 14.7 percent year-on-year median price rise, with Southland up by 14.1 percent.
Annual median price increases were also seen in Otago (11.2 percent), Canterbury (2.9 percent), Wellington (0.6 percent), Manawatū/Whanganui (4.4 percent), Taranaki (8 percent), Gisborne (10.4 percent) and Bay of Plenty (0.6 percent).
Mirroring Auckland's monthly annual fall in median prices were Waikato (-1.7 percent), Hawke's Bay (-2.9 percent), Nelson (-2.3 percent), Northland (-5.8 percent) and Tasman (-13.2 percent).
Baird said increases in sales were bringing optimism to the market.
"There seems to be light at the end of the tunnel. Falling interest rates, increased inventory in the market, and greater activity during open home events are all reflected in the October data," she said.