Dramatic drop in housing sales nationwide

The number of houses sold has dramatically dropped in the past year, prompting the Real Estate Institute to call on the Reserve Bank to loosen its tough lending rules.

Nationally sales are down by 24.5 percent, and Auckland has dropped even further, down 30.6 percent.

In the last two months alone, Wellington has dropped 21.2 percent, Canterbury is down by 14.1, and Auckland is down 8.8.

And it's not just the number of sales that have dropped - prices are easing as well.

The median sale price of a house in Auckland is now $830,000, down 1.2 percent on the same time last year.

The Real Estate Institute says it's time the Reserve Bank did something and eased their loan-to-value ratio lending restrictions.