The trend reflects the introduction a year ago of the Reserve Bank's loan to value (LVR) restrictions placed on the extent of bank lending to those with deposits of less than 20%. The LVR was this week left in place by the central bank.
National sales were down 2.4% on a year ago at 6608 homes, with the number in the under $400,000 range declining from 48.5% of all homes sold a year ago to 45% last month.
While Otago booked an almost 29% increase in sales volumes, from 273 a year ago to 302, Auckland's median price has hit a record $640,500 while sales fell more than 8%, from 2681 a year ago to 2457 last month.
Real Estate Institute of New Zealand (REINZ) regional director Liz Nidd noted there were lower levels of first-home buyers in the market and ''patchy investor interest''.
''The Otago market is experiencing its usual spring lift in activity, although it's somewhat more subdued than past years,'' Mrs Nidd said.
REINZ chief executive Helen O'Sullivan said the provincial regions in particular were still seeing volume trends decline, with median prices in a number of regions ''at best'' remaining flat during the past five years.
''Only Auckland, Taranaki, Canterbury and Central Otago Lakes have seen their median prices rise faster than inflation over the past five years,'' Ms O'Sullivan said.
While there had been an increase in listings across most of the country, in many places the listing numbers remained below previous years.
The number of $1 million-plus homes sold, rose from 435 a year ago to 511.
