Buyers have edge over sellers for now

ASB chief economist Nick Tuffley said there is a reasonable number of listings on the market, which has pushed the balance of supply in favour of buyers.

"In the short-term, there's potential for a very slight price decline with turnover remaining subdued" and this will help sway things on the side of buyers, Tuffley said.

Total residential sales inched down to 5,206 from 5,207 a month earlier, according to Real Estate Institute data. The volume of sales was around 1,000 fewer than the same month a year ago and the market has struggled to regain the momentum of 2007, in spite of record-low interest rates as households focus on paying down debt.

The number of median days to sell rose to 43 from 40 in April, and was up from 42 days in May last year.