Home sales in Metro Vancouver fell sharply in September as slower sales activity since the spring allowed new listings to accumulate to levels not seen in four years.
There were 1,595 homes sold in the region in September, a 43.5 per cent drop from the 2,821 home sold during same month last year, according to the Real Estate Board of Greater Vancouver. Home sales dropped 17.3 per cent from August when 1,929 home were sold.
“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect, said in a release.
“There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”
Listings surged 36 per cent to 5,279 in September from the previous month when 3,881 homes were listed. However, there was a slight decrease in listings (1.8 per cent) 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.
REBGV said the composite benchmark for all residential properties was $1,070,600 million in September, a 3.1 per cent drop over the last three months, but a 2.2 per cent increase compared to the same month last year, when the average home price was $1,037,300.