New Zealand house prices fell in November on the prior month as rising interest rates, access to finance and concerns around the economy contributed to continued hesitancy in the market, the Real Estate Institute of New Zealand (REINZ) said on Tuesday.

Seasonally adjusted median house values fell 2.8% in November compared with the previous month, and were down 12.3% on November 2021, according to REINZ.

"Buyers are again weighing up the likely impact on mortgage rates with current downward pressure on property prices. Those thinking of selling are again looking at the market and asking, 'Is this the right time?'" said Jen Baird, chief executive at REINZ.