Home sales, prices continue to fall in Vancouver area

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VANCOUVER (NEWS1130) – Vancouver-area home sales continued to fall in October, while prices declined slightly.

The Real Estate Board of Greater Vancouver says sales were down 16.7 per cent to 1,931 last month. They were 28.5 per cent below the 10-year October average.

The industry group says its benchmark price was $603,800, which is down 0.8 per cent from a year ago and 3.4 per cent below the peak in May, which was $625,100.

Sandra Wyant with the REBGV says overall conditions remain in favour of buyers.

The actual average selling price for a detached house last month was $1.12 million, down a relatively-small $46,000 from a year earlier.

Single-detached homes saw an 18.9 per cent sales drop, while apartment-style condos fell 16.2 per cent.

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