The number of homes sold in Auckland has fallen for the second month in a row, with prices remaining stable according to real estate agency Barfoot & Thompson.
"The average sales price in July reached $719,312 for the month, which was less than a 1 percent increase over June's average price," said Peter Thompson, Managing Director of Barfoot & Thompson.
He said at the end of July the number of listings was at a 7-month low with only 3273 properties on the books
"Sales values over the past four months have been moving around after reaching an all-time high of $725,708 in March.
"In April and May they edged down, and while they recovered some lost ground in June and again in July, prices have certainly not returned to those being achieved in March.
"Prices at present are best described as steady.
Thompson said winter and the upcoming General Election were responsible.
"The housing market invariably goes quiet during a run in to an election.
"We normally see new listings increase during August as vendors prepare to take advantage of the increase in sales activity as spring approaches. However, with a General Election in September, the potential exists that trading in August may not follow the normal pattern as the market awaits the Election outcome.
He said there had been an upturn in sales of properties over the $1 million mark with buyers with the financial resources to do so are still active in the top end of the market.
"At the same time there are large numbers of properties in Auckland's outer southern, western and northern suburbs being sold for less than $500,000.
"Out of the total number of sales during July of 983, 29.4 percent or 289 were homes in the under $500,000 price category."