Home sales dip in June but still are higher than 10-year average: REBGV

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VANCOUVER (NEWS 1130) – Vancouver-area home sales fell by about 11 per cent last month, both from a year earlier and the previous month, although they’re about 14 per cent higher than the 10-year average.

Real Estate Board of Greater Vancouver President Jill Oudil says sales of single-detached houses is down, but that’s not the whole story.

“Competition for condominiums is creating multiple offer-scenarios and putting upward pressure on prices” in that segment. More properties came on the market, with an approximately five per cent increase from May, but Oudil says condo listings “are near an all-time low on the MLS” and have decreased each month since February.

The industry group’s adjusted benchmark price for apartment-style condos was $601,000, up 2.9 per cent in just one month and 17.6 per cent from a year earlier.

“Detached home listings have increased every month this year, while the number of condominiums for sale has decreased each month since February.”

Detached houses averaged $1.6 million, up 1.1 per cent from May and 1.4 per cent from the previous June.

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