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• Median house prices fell 1.1% in the year to April.
• Only seven out of the 16 regions reported an increase in median prices over the period.
• The House Price Index (HPI) rose by 0.4% in seasonally adjusted terms on a monthly basis.

House prices fell 1.1% in the year to April, according to Real Estate Institute data out today.

The median house price fell from $790,000 in April 2024 to $781,000 in April 2025, REINZ said.

Auckland’s median price fell 4% to $1 million in April, when compared with a year ago.

Wellington house prices fell 5.5% to $775,000.

Seven out of the 16 regions reported an increase in median prices over the period, led by Tasman, which increased 8.4%, from $807,550 to $875,000.

Median house prices in Canterbury rose 4% to $697,000, while Otago increased 6.4% to $745,000.

Meanwhile, the number of properties sold in April 2025 increased by 9.5% compared to April 2024, rising from 5871 to 6427 sales.

“There has been a notable increase in sales across the country. However, despite this upward trend, property prices continue to decline due to a significant number of properties still available on the market,” said REINZ acting chief executive Rowan Dixon.

“Real estate professionals report that buyers are seeking properties at lower price points, and they are willing to explore alternative options if they view prices as being excessively high.”

On a monthly seasonally adjusted basis, sales activity fell 0.5% from March to April.

“This reveals that while transaction numbers have fallen as expected for this time of year, the actual market activity remains stable when seasonal patterns are taken into account,” Dixon said.

The House Price Index (HPI) rose by 0.4% in seasonally adjusted terms on a monthly basis.

Westpac senior economist Michael Gordon said this was a modest pickup from the 0.1-0.2% gains in each of the previous five months.

“While prices are still down on the same time a year ago, the gap is narrowing,” Gordon said.

Gordon said the average time to sell (42 days) improved for a fourth straight month but remains longer than historic averages.

“Lower mortgage rates have helped to revive interest among potential buyers since late last year. This has put only modest upward pressure on prices to date, but as the stock of unsold homes on the market is worked through, we expect to see house price growth pick up over the course of 2025.”