House prices continue to slide from last year's peak but there are expectations the market will perk in spring.

The Real Estate Institute's residential market report shows the house price index, which measures the changing value of properties, fell 5.8 per cent for the year ended August, compared with a 2.9 per cent fall in July.

The seasonally adjusted national median price for August fell 5.9 per cent from a year ago and was down 2.1 per cent from July, to sit at $800,000.

House prices are still 37 per cent higher than in 2019 and nearly 19 per cent above their level in 2020.

The Reserve Bank's pandemic response, which included slashing interest rates, quantitative easing and the removal of loan-to-value ratios, contributed to a rapid acceleration in house prices before they peaked in November 2021.

REINZ chief executive Jen Baird says prices fell in four of the 16 regions it monitored.

Two of those are the major markets of Wellington and Auckland, which affects the movement of the national median price.

Wellington and Auckland saw the greatest appreciation in house prices during the early stages of the pandemic and were now seeing the most dramatic falls, with prices down 19.3 per cent and 16.3 per cent from their respective peaks.

The median residential price for New Zealand, excluding Auckland, is unchanged on a year ago at $700,000.

Despite prices easing in pockets of the country and supply picking up as well, sales activity remain subdued, Jen says.

"These positive aspects for buyers are offset by higher mortgage rates, as rising interest rates and concern around inflation continue to put the brakes on for many potential buyers."

However, it appeares that some buyers in the market are taking advantage of lower prices on offer.

"Some real estate agents are reporting an increase in open home attendance. And while owner occupiers remain a dominant force in the market, first home buyers are beginning to re-emerge."

August tended to be a quieter month for the property market and Jen expects to see the usual spring lift in activity, she says.

National sales activity was down 18.3 per cent on a year ago, with 4891 transactions.

Meanwhile, the number of properties available for sale more than doubled to 25,441 but houses were taking 18 days longer to sell at 49 days.

Jen says the country entering lockdown in August 2021 affected annual comparisons.

Seasonally adjusted annual median price changes for selected regions:

• Auckland $1.1m down 8.3 per cent
• Bay of Plenty $895,000 up 6.5 per cent
• Canterbury $650,000 up 4.8 per cent
• Otago $680,000 down 1.5 per cent
• Waikato $780,000 no change.
• Wellington $780,000 down 9.3 per cent

-RNZ.