The NZ Herald reports that the real estate market held firm in July, with prices and turnover tracking June figures almost exactly, according to the Real Estate Institute of New Zealand (REINZ).

The Auckland, Taranaki and Southland real estate markets are showing positive signs but Central Otago Lakes' median house price has dropped by more than a quarter, according to the REINZ.

For the first time, the data released today is accompanied by a new monthly housing price index, a new stratified housing price measure which gives an average of sale prices for common groups.

The REINZ Monthly Housing Price Index increased by 1 per cent to 3134.1 in July.

In the three months to July, housing prices increased by 2.2 per cent. Compared with 12 months earlier, the index increased by 0.9 per cent, the first annual increase since March 2008. Housing prices were 7.3 per cent below their November 2007 peak.

REINZ president Mike Elford says the addition of the new statistics would give an even more accurate analysis of house price movements at different price brackets and therefore a more complete overall picture.

Sales data showed July's median house price of $340,000 is the same as June 2009 and also identical to July 2008.

It was just marginally down on the $345,000 in July 2007 and well up on the median prices for the years 2000 through to 2006, which ranged between medians of $170,000 to $312,500.

Volumes have been similar with 6014 properties sold in nationally in July 2009 compared with 6040 in June. The figure was well up on the 4489 sold in July 2008.

Positive signs include more listing stock and a decrease in the the length of time to sell a property.

In July 2009 the median number of days to sell a house was 37, compared with 58 days in the same period in 2008. The figure for June 2008 was 41.

ASB Bank economist Jane Turner said the 5 per cent hike in house sales was slightly stronger than expected, and confirmed that the recent recovery in the housing market remained firm.

Houses were still relatively expensive compared to incomes and rents, and future house price increases were likely to be moderate - particularly compared to the previous boom, she said.