House prices in Auckland have remained virtually static for the second month in a row.
The average sale price in the city in May was $644,737 - a rise of less than $2000 compared to the month before.
Prices hit a record high of nearly $646,000 in March.
Peter Thompson, managing director of Auckland real estate agency Barfoot and Thompson, says buyers see value in the current price levels, but are not prepared to buy at any price.
As a result, he says, price rises that started in October last year have started to stall.
Meanwhile, the number of new properties coming to market were at a four-month low, down 14% on April.
There were 1315 new listings in May and 1284 of them sold.
Mr Thompson says new listings hit a four month low of 1300, and the 3000 properties on the realtor's books is at its lowest level in 10 years.