August, like March, is seen as a bellwether month for housing sales, so the plunge in Vancouver-area sales last month may be a harbinger of a chilly fall ahead for realtors. With more than 17,500 homes on the market, less than 10 per cent are selling each month.
The Real Estate Board of Greater Vancouver (REBGV) reports total housing sales reached 1,649 in August, down 30.7 per cent compared with August of last year and 21.4 per cent compared with July 2012.
August sales were the second-lowest total for the month in the region since 1998 and 39.2 per cent below the 10-year August sales average of 2,711.
"Home sales this summer have been lower than we've seen for most of the past 10 years, yet we continue to see relative stability when it comes to prices," said REBGV president Eugen Klein.
The board's Housing Price Index composite benchmark price for all residential properties in Greater Vancouver is $609,500.
The benchmark price for detached properties is now $942,100.
from Western Investor October 2012
