Home resales drop in August 2010 but prices are up in Toronto

Sept. 4, 2010 - PRLog -- TORONTO, Ont. Canada

Toronto Real Estate board reported 6,232 sales through the Multiple Listing Service in August 2010. This represented a 22 per cent decrease compared to the 8,035 sales recorded during the same period in 2009. New listings decreased by one per cent year-over-year to 10,488.

A rush to buy in the spring has made this summer's drop noticeable, but does not reflect negative numbers in general.

Sales were probably a little bit higher than expected in the first half of 2010, and now we're seeing a bit of a balancing out in the second half.

The average price for August transactions was $411,012 – up six per cent compared to the average of $387,921 reported in August 2009.In August, the median price was $358,000, from the $338,000 recorded during August of 2009.

The Real Estate Board does not expect to see a record level of sales towards the final months of this year, but the market may be strong enough for house prices to continue rising.

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