The Real Estate Institute (REINZ) and CoreLogic both released their new property sales data on Wednesday.
REINZ's data shows sales across New Zealand were down 27.4% in December compared to November but up 1.8% on the year earlier.
The national median price has dropped 0.6% to $775,000.
Corelogic's data shows property prices have fallen by nearly 18% from the post-Covid peak.
The biggest drops have been seen in Wellington and Auckland, which were down by about 25% and 22% respectively.
But at the other end of the spectrum, property prices in Christchurch were down by 'only' 7%.
"In December, the national figure edged down by another 0.2%," property economist Kelvin Davidson said.
"That was the ninth fall in the past 10 months, with those drops initially reflecting high mortgage rates, but more recently the weakness of the labour market."
Davidson said sales volumes had been gently rising for about 18 months. But they were below normal and had not significantly affected the stock of available listings on the market.
"Total listings on the market remain elevated, up around 25% compared to the five-year average, so buyers certainly have the pricing power.
"Main centres like Auckland and Wellington, in particular, have seen a strong rise in listings in December compared to the same time last year, which has softened price pressures in those regions for several months now.
"It's not great news for homeowners especially those that purchased around peak levels, but ultimately the downturn conditions are most favourable for recent buyers."
REINZ's house price index, which smoothes out the market variations that can affect the median price, was down 1.1% year-on-year.
"It was a relatively quiet December," chief executive Jen Baird said.
"Similar to what we've seen for much of the year."
She said many people stopped work on the Friday before Christmas and that also sent the property market into early hibernation.
"Just the timing of the holidays meant the month was shorter than it even normally is."
She said buyers had lacked urgency over much of 2024 which shows in the December numbers.
"They shrugged their shoulders and went on holiday thinking there'll be all the property still available in January and they were right."
Baird said with 30,000 houses on the market buyers have a lot of choice and that was keeping prices down.
"Agents are telling us that sellers are seeing interest rates come down and in their heads that means prices are on their way up immediately, with lots of demand for property.
"But with so many on the market, that's not the case. The buyer demand equation is not what it was a few years ago."
Baird said a greater sense of certainty and confidence in terms of the direction of interest rates and the economy should help this year.
"Most people feel the worst is behind us, we've seen that with volumes increasing this year.
"My general sense is we'll see a slow improvement in sales volumes this year."