Asking prices in July for houses nationally are down 1.3% on the previous month, but the Central Otago Lakes region has taken the largest hit, down 20.9% to $680,672.
Nationally, prices declined 1.3%, or $7556, to $569,971.
The national July price decline was the first in three months, while demand continued to rise, up 14.5% on July last year.
Year-on-year in July, new listings were down slightly nationally, at 9618, but Otago was up 16.4% to 333, Central Otago Lakes up 26.1% to 222 and Southland up 24% to 243.
Head of marketing for realestate.co.nz said there had been some highs and lows in the regions.
Central Otago lakes area prices fell by 20.9% on the previous month.
"While this could be a one-off it’s still significantly lower then the same time time last year," she said.
The asking price a year ago was $756,063 against $680,762 in July.
Otago asking prices were up 2.3% to $326,100 for July.
She noted Southland and Northland had price declines, both 4.7% down, to respectively $250,000 and $480,000.
In contrast to the lows, Marlborough was the "star performer".
Prices in the lifestyle region pushed above $500,000 for the first time, to hit an average $504,000.
