Home sales in Metro Vancouver fell in September as slower sales activity allowed new listings to accumulate to levels not seen in four years.
There were 1,595 homes sold in Vancouver in September, a 43.5% drop from the 2,821 home sold during same month of 2017, according to the Real Estate Board of Greater Vancouver. Home sales dropped 17.3% from this past August when 1,929 home were sold.
Listings of new home sales grew 36% to 5,279 in September from the previous month when 3,881 homes were listed. However, there was a slight decrease in listings of 1.8% compared to the same month last year, when 5,375 homes were listed.
As home sales softened, so did the average price of a home in the Vancouver area. The Real Estate Board of Greater Vancouver said the composite benchmark for all residential properties was $1,070,600 million in September, a 3.1% drop over the last three months, but a 2.2% increase compared to the same month last year, when the average home price was $1.1 million.
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