The latest real estate sales figures from the Real Estate Institute of New Zealand show the median sale price of properties in Tauranga and Mount Maunganui Papamoa areas is rising.

For the three month period ending May, the median sales price of a Tauranga property increased to $330,000 from $320,000 in the April period.

The number of sales in the Tauranga area was also up – at 121 for the May period, from 103 in the April period.

In the Mount Maunganui Papamoa area the median sale price increased to $430,000 from $390,000 in the April period and the number of sales was also up at 85 from 74.

These increases are reflective of the national housing market, with the seasonally adjusted number of sales up 2.6 per cent compared to the April period.

'The May results show further steady increases in volumes across New Zealand with particular strength coming from the Auckland market,” says REINZ chief executive Helen O'Sullivan.

'Although prices eased slightly, there are signs of pressure building, with a lack of new listings becoming apparent in many parts of the city.

'We are also seeing indications from a number of other parts of the country of an emerging shortage of listings.”