May 2026 points to a housing market that is steadier but still cautious and regionally uneven. The latest Real Estate Institute of New Zealand (REINZ) data shows the national median sale price in May increased 1.3% year-on-year to $775,000, while Days to Sell remained unchanged at 47 days.
Market Summary:
Ten of the 16 regions recorded positive year-on-year median price movements, with Southland and Canterbury the strongest performers.
Apart from Canterbury and Southland, notable regional median price increases include:
• Northland, up 3.9% to $660,000
• Taranaki, up to 2.9% to $602,000
• Auckland, up 2.6% to $1,005,000
National listings increased just 0.3% year-on-year to 9,521 in May 2026, providing further evidence of a market that is stabilising heading into winter.
Northland Stats:
The median price for Northland increased by 3.9% year-on-year to $660,000
“First home buyers and owner-occupiers were the most active buyer groups, with some investor activity reported in Kerikeri.
Most vendors aligned their asking prices to current market expectations, though a few struggled to meet those benchmarks.
Attendance at open homes was consistent across most properties, with new listings and lower‑priced homes drawing the strongest interest. Auction room activity varied across the region, and clearance rates under the hammer were mixed.
Market sentiment continues to be shaped by an abundance of available stock, limited competition, cautious lending from banks and insurers, and broader market uncertainty.
Local salespeople anticipate that the coming months will deliver a healthy level of seasonal listings, but overall conditions are expected to remain relatively flat.”
REINZ