The average price paid for farms sold in the last three months to June has fallen by 9.54 percent.
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The median price per hectare dropped from $29,141 for the same time last year to $26,361.
There were 472 farms sold in the three months to June, seven fewer than for the same period last year.
Eight regions recorded an increase in sales, headed by Nelson, Canterbury and Northland.
The median sales price for finishing and grazing farms was up, but horticulture and dairy land prices were down.
The average price per hectare for dairying dropped about $3000 to just under $33,000 and in the last 12 months the median price per hectare fell by slightly more than 8 percent.
For horticultural land the average sales price per hectare was down from just over $223,000 compared to $243,000 the year before.
The Real Estate Institute said sales volumes reflected a reasonably stable rural market.
It said easing in volumes in June were expected with production cycles heading into winter.