Central Otago Lakes has topped the country for the largest regional median housing price gain in a year - up 32%.
Nationally, the July median rose $5000 to $505,000, just $1000 short of the record price set in May.
Auckland rose by $90,000, or 12%, to a record high of $825,000.
Inventory nationally continued to fall rapidly, with a 33% decline in properties available for sale, year-on-year, and six regions having declines of more than 40%.
North and South Otago house sales were up respectively 96% and 73%, albeit from a low base, but nearly doubling their usual sale numbers for the month.
For July, Northland, Auckland, Waikato-Bay of Plenty and Manawatu-Wanganui hit record high median sale prices.
ASB economist Kim Mundy said the tight housing market continued pushing house prices up around the country.
''A number of regions' median house prices hit fresh record highs, while the median number of days taken to sell a house remains near record lows,'' she said.
On a monthly basis all regions, apart from Nelson-Marlborough and Central Otago Lakes districts, recorded lower sales activity in July, compared with June.
''The limited availability of houses to buy at the moment is likely a key contributor to the falling sales, rather than a lack of demand,'' Ms Mundy said.
Westpac acting senior economist Michael Gordon said data showed available listings, especially outside Auckland, had been trending sharply lower for some time. That begged the question of why owners were keeping their properties off the market, given the current strength of sale prices.
''The implication is that they are holding on in anticipation of further capital gains,'' Mr Gordon said.
REINZ spokesman Bryan Thomson said prices were continuing to rise in many regions, showing demand was still firm.
''Sales volumes remain below previous periods, as the continued shortage of supply impacts buyers, who are struggling to find properties to buy,'' he said in a statement yesterday.
REINZ would be watching market reaction, with the expected increase in listing numbers during the spring and summer selling period, he said.
Mr Thomson said the market also had to assess the impact of the recently announced loan to value ratio restrictions (LVR) rule changes which require all property investors to have a minimum 40% deposit., the approval or not of Auckland's unitary plan and possible interest rate cut to the official cash rate, he said.
Economist Ms Mundy said it was still too early to see any impacts of the Reserve Bank's latest LVR rule changes, but with September 1 implementation, activity could slow in August.
