Auckland had the lowest number of December listings since records began in January 2007.
Buyers are dipping their toes back in as the market starts to heat up.
House sales are picking up, with prices dropping in August, compared to the same time last year.
The average cost of a New Zealand home increased by 0.5 percent in August.
"There's been a rise in the proportion of resellers seeing 'pain'."
The consistent trend for house prices in 2023 "was the inconsistency".
Home values decreased by 3.4 percent nationally over the last three months to May.
But the number of loss-making resales was still low, CoreLogic said.
CoreLogic released figures on Wednesday