Recovering house prices and faster sale times correlate with other economic signs which point to a recovery from the recession.
Latest statistics from the Real Estate Institute of New Zealand (REINZ) show the residential sales market is continuing its positive pattern of recent months.
President Mike Elford said he was reluctant to say hard times were over "but if the trees are not yet in full bloom, there are certainly buds in view".
The national median house price in August was $346,750, which was up on the August 2008 price of $330,000.
"Looking back, 2008 was a disastrous year.
"I hope we can put this behind us," he said.
REINZ Otago district president Stephen Johnston said consumer confidence had returned and both vendors and buyers were moving towards sales.
He believed spring was a season in which people were more inclined to make property decisions and that some of the price losses from previous years were beginning to be regained.
"It's good to see the positive signs of recovery."
In Otago, 275 houses sold last month, with a median price of $236,000, up from last year's $230,000, while average prices in North and South Otago were down.
In North Otago, the price fell from $207,500 to $185,000 and in South Otago it fell from $142,500 to $128,000.
In Dunedin, 212 houses sold last month with a median price of $263,500.
Central Otago lakes had 87 houses sell at an average price of $435,000, while in Central Otago 41 houses sold at an average price of $330,000.
The market was on the rise in Queenstown, with 46 houses sold compared with 35 sold in July.
Days to sell in Otago remained at 40 in July and August, down 20 from August 2008.
Central Otago lakes houses took an average of 80 days to sell, up from 73 in August last year.
