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The Real Estate Institute of New Zealand (REINZ) says there has been a marked increase in activity for residential property.
The REINZ says February figures show the number of home sold nationwide increased to 5,228 from a record low of 3,706 in January.
However, this is still 18% lower than for the same period last year when 6,356 homes were sold.
"The bounce back from the horrific January figures is welcome, but we must still acknowledge we're dealing with light volumes compared with recent years," REINZ president Mike Elford says.
However, Elford says the February figures suggest that lower interest rates and real estate as an investment option are having a positive impact on the market.
The national median house price in February was $330,000, up $5,000 on January's $325,000.
REINZ says the median price was only slightly lower than the $337,500 median house price in February 2008 and $335,000 in February 2007.
The increase was seen across nine of the 12 regions, with declines only seen in Auckland (down from $422,000 to $421,500), Taranaki (down from $266,750 to $260,000) and Central Otago Lakes (down from $457,500 to $425,000).
While REINZ is showing cautious optimism, the ASB bank says it is reading little into the figures.
"The trend in house sales remains flat (despite some monthly volatility) with housing demand yet to make a convincing recovery," says ASB economist Jane Turner.
