Professionals McDowell Real Estate co-owner Steve Lovegrove said the month-to-month median price could alter depending on the type of properties being sold, but "generally prices are still going up".
He said the lack of properties on the market was discouraging other sellers.
"People want to transition but they are scared of being left out in the street because the stock just isn't there.
"People sitting on their properties are holding up the stock, creating this stalemate market where nothing is moving.
"Of the 18,000-odd residential properties in Rotorua, at the moment we only have 300 available. That's not very much at all."
He said the situation in Rotorua had gone from people wanting to move to Rotorua but not be able to get a job to people having a job, wanting to move to Rotorua but having nowhere to live.
"This is not a Rotorua-specific problem, other centres are reporting the same problems. At some point there will be a flurry of properties coming onto the market and the stalemate will end."
First National president Ann Crossley said the house sales for April were Rotorua's new "normal".
"I think the figures illustrate the market settling into the new norm. House sales have gone higher and lower than this but there has been a good spread of sales.
She said fewer top-end properties were being sold, but there were good numbers in sales up to the $700,000 mark.
"It is concerning the stock level keeps dropping. People, particularly those with families, are not going to risk putting themselves into a homeless situation because their house sells and they have nowhere to go into."
Ms Crossley said there had been a lot of investor activity, but it would provide no relief for the rental market.
"They're not buying new properties or putting new properties into the rental market, it's all swapping land. Then some of the stock that was traditionally looked at by investors are first home buyers just trying to get into the market."
Simon Anderson, chief executive of Realty Services, which operates Eves and Bayleys, said the figures were pretty consistent right across New Zealand.
"The biggest thing of note for Rotorua was the pulling forward of the median house price," she said.
"It's the stand out across the region."
Mr Anderson said there had been a lot of interest in new subdivisions and they were seeing a normalised market.
"It's steadying itself," he said.
"There are still buyers going to open homes and property is still going to, and selling, at auction."
Mr Anderson said this market meant people had more time to make decisions, and it benefited new home owners who might have a delay in arranging finance.
"It's great," he said.
Rotorua Rentals owner Richard Evans said the current Rotorua market, with people hesitant to put their properties up for sale, was bad news for renters.
"There's an absolute bloody ridiculous shortage and people not wanting to sell is aggravating that.
"Real estate is cyclical so eventually we will see the market come back down. But in terms of the lack of property, it's never been this bad, it's quite extreme."
Sold houses
April - 117
March - 136
April 2016 - 181
Median prices
April - $340,000
March - $343,500.
April 2016 - $275,100.
- Real Estate Institute of New Zealand figures for April
