Home sales drop as prices climb in August compared to same month last year: BCREA

METRO VANCOUVER — Housing sales have dropped 35 per cent to 5,590 units in August compared to August 2009, according to a report released Tuesday by the B.C. Real Estate Association.

However, sales have increased seven per cent in August on a seasonally adjusted basis compared to July 2010. The average price of a home climbed four per cent to $487,804 in August compared to the same month last year.

“August home sales posted the first month-to-month increase since March of this year,” said BCREA chief economist Cameron Muir in a statement. “Lower mortgage interest rates and an improving labour market are inducing additional consumer demand.”

“The number of new residential listings in the province has fallen 30 per cent since April,” added Muir. “With fewer new listings, total active listings are now on the decline, signaling that an end to the buyer’s market may be on the horizon.”

Year-to-date, B.C. residential sales dollar volume increased eight per cent to $26.9 billion, compared to the same period last year. Residential unit sales rose two per cent to 53,717 year-to-date, while the average residential price climbed 10 per cent to $501,226 over the same period.

Source: The Vancouver Sun

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