The Real Estate Institute of New Zealand says it's about time regional prices picked up.

LISTEN ABOVE: REINZ director Bryan Thomson talks to Alicia Burrow

Latest Real Estate Institute figures show median house prices in the regions have for the first time overtaken Auckland for the month of May.

They also show the nationwide median sales price hit a new record high, rising to more than half a million dollars, up 14.7 per cent on May last year.

But REINZ Director Bryan Thomson said it's a belated recovery from the global financial crisis.

"If you step back and have a look at it Auckland's market is still really strong and the others are having a catch up to get back on, what I would suggest is, a historical trend line."

But ASB Economist Kim Mundy said it's also partly due to a dip in the Auckland market last month.

"We're actually just thinking this is a blip so it's likely to pick up again, but this month house prices in Auckland were flat, while outside of Auckland they were rising quite strongly."

Ms Mundy said although it may be a blip, as months can vary from the norm, it's proof the regions are gaining pace.

"What we're seeing regionally is very very strong activity in the market. Sales are continuing to stay at elevated levels and prices are really on the increase."

There are record high median prices in five regions in Waikato/Bay of Plenty, Taranaki, Wellington, Canterbury/Westland and Central Otago Lakes.