Housing figures paint a mixed picture

The median house price has slipped from a record $249,000 in July to $247,000 in August, Real Estate Institute figures show, although that was 14.9 percent higher than in August last year.

Institute president Howard Morley says there was increased demand for less expensive properties in August coupled with a slower market for more expensive properties so the figures don't necessarily add up to a slowing market.

"While the market appears to have retreated, it has to be considered that July saw a strong increase in the median especially because of a big jump in Auckland median prices.