Asking prices eased slightly in November and the number of new listings entering the market dropped, the latest report from realestate.co.nz shows.
The average national asking price was up 7% on 2012, to $463,142 and was down 0.6% on last month's record.
Waikato's asking price reached a record average $389,886, up almost 3% on the month before. Auckland's average asking price was $659,300 for the month.
Wellington's was $457,701 and Canterbury's $436,823.
Inventory is up across the country - it would now take 25 weeks to clear all available stock.
It is still down on the long-term average of 38 weeks.
Realestate.co.nz said it was usual to see a listings rise in November but new listings fell 5% from October to November.
There were 13,311 properties listed for sale last month.
Commentators said that was likely due to people with limited equity not wanting to sell.
Acting chief executive Philip Dunn said there would likely be a further fall in listings over the summer months.
The market is still in favour of sellers in 16 of the 19 regions surveyed.