The residential real estate market perked up in February, according to sales figures released today.

There was a "marked increase in activity" in home sales, said the Real Estate Institute (REINZ) president Mike Elford.

"There has been a significant turn-around in inquiry levels and number of sales and median prices are up in all but three out of 12 regions, compared with January's figures," he said.

But Mr Elford noted the perceived lift was off a low base: "January was an exceptionally bleak month and there is no doubt the figures were affected by the holiday period".

"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," Mr Elford said.

But even if a cautious approach was taken, "the February figures seem to indicate that lower interest rates and real estate as an investment option are having a positive impact".

A total of 5228 homes were sold in February -- a big jump on the record low of 3706 in January -- but the turnover was still notably lower than the 6356 moved during the same period in 2008, and a massive drop on the 9357 properties sold in February 2007.

Mr Elford said there was a rise in the number of sales in all districts apart from Central Otago Lakes which had a minimal drop from 78 to 76 properties in February, compared with the January total.

The median house prices paid also improved on January's figures: the national median in February was $330,000, up $5000 on January, and only slightly lower than the $337,500 median in the same month last year, and the $335,000 figure for February 2007.

In nine out of 12 districts, higher median prices were recorded in February; the only drops were in Auckland (down from $422,000 to $421,500) Taranaki (down from $266,750 to $260,000) and Central Otago Lakes which dropped from $457,500 to $425,000.

Median house prices are still higher than those for February in each year from 2000 to 2006.

Mr Elford said the length of time it takes to sell a house -- a national median of 62 days in February 2009 -- was consistent with the January figure of 59 days, though considerably longer than the 50 days in February 2008 and 32 days in February 2007.

But the pace had picked up in eight out of 12 districts, though Northland and Waikato/Bay of Plenty are static on 77 and 78 days respectively while in Canterbury/Westland the time taken to sell had jumped from 48 days in January to 57 days in February. In Auckland, the number of days taken to sell has lifted 52 to 56 days.

February figures were an improvement on January, but "these are difficult times, so we must be cautious in our optimism. "One month's results do not form a trend."