New Zealand's property market is stuck in a stand-off, as buyers take their time over their purchases while vendors are unwilling to move on price, the Real Estate Institute says.

Its latest data shows prices were steady in July. The national median price of $760,000 was down 0.7 percent compared to July 2025. The house price index, which smoothes out fluctuations caused by the type of properties selling, was down 0.4 percent. Excluding Auckland, the index was up 0.2 percent.

But the number of properties sold was down 10 percent to 6090. Auckland's turnover was down 8.9 percent.

There were 7698 new listings and the "days to sell" measure, which represents the length of time it would take to clear the available stock at the current rate of sale, was up two days to 50.

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The institute said it was the fifth-slowest July on record.

The picture was mixed around the country, though. Otago's house price index hit an all-time high and Canterbury had the fourth-busiest July since the institute's records began.

Chief executive Lizzy Ryley said the official cash rate increase, cost of living pressure, global uncertainty and the approaching election were all factors.

New Zealand's prices are still down 17 percent from the peak, while Auckland's are down 25 percent and Wellington's just over 29 percent.

Compared to last year, Auckland's prices are down 1.7 percent and Wellington's 4.4 percent but Canterbury's are up 4 percent and Otago's almost 5 percent.

Real Estate Institute chief corporate affairs officer Trey Sarten said the drop in activity was noticeable.

"It's interesting because it's a bit of an infinite loop because the buyers having more time and choice leads to longer time on market, so the inventory starts to build up and the vendors are not blinking on price, and so there is a bit of a stand-off of who's going to blink first.

"I think generally there is uncertainty across the board, and so whether it's with New Zealand as a country or globally with events around the world happening, whether that's political or natural events, there is uncertainty that is preventing people from making a decision, so buyers are continuing to be cautious and sellers are holding out for that right offer to come along."

He said the steadiness in the market was likely to continue while uncertainty was high.

"But it's certainly not one national story as regions continue to operate on different speeds."