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WELLINGTON, June 15 (Reuters) - New Zealand's house prices fell in May as tighter credit conditions, higher mortgage rates and increased housing supply affected the market, the Real Estate Institute of New Zealand (REINZ) said on Wednesday.

The seasonally adjusted median nationwide house value fell 3.1% compared to the previous month but remained up 3.1% year on year, according to REINZ.

The number of residential property sales decreased 28.4% to 5,556 in May, from 7,758 in May 2021.

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Reporting by Lucy Craymer Editing by Chris Reese

Our Standards: The Thomson Reuters Trust Principles.