VANCOUVER (NEWS1130) – November produced further cooling in the Vancouver-area housing market.

An industry group says sales fell 30.3 per cent in November from a year earlier as listings dropped 9.7 per cent from October.

The Real Estate Board of Greater Vancouver‘s home price index slipped 1.7 per cent from a year ago. But it was down 4.5 per cent from the peak in May, with sale prices averaging just under $597,000.

The REBGV says just under one-in-six homes sold last month sold for at least $1 million. The actual selling price of a detached home averaged $1.05 million, down $80,000 from a year earlier.

“Home sellers appear more inclined to remove their properties from the market today rather than lower prices to sell their properties. On the other hand, buyers appear to be expecting prices to moderate,” says REBGV President Eugen Klein.