New Zealand's housing market remains under pressure, with economists warning prices may have further to fall as interest-rate expectations, household budgets and buyer caution weigh on demand.

Interest rates, inflation pressure and household affordability remain central factors. The outlook differs across regions and property types.

The market is no longer moving as one clear national story; buyers and sellers now need to understand local demand, property type and financing conditions.

Real estate agents say buyers are taking longer to commit and negotiating harder on price.

The key question is how long this slower phase lasts before confidence returns.