August, like March, is often seen as a bellwether month for housing sales, so the plunge in Vancouver area sales last month may be a harbinger of chilly fall ahead for realtors. With more than 17,500 homes on the market, less than 10% are selling each month.
The Real Estate Board of Greater Vancouver (REBGV) reports that total housing sales of reached 1,649 in August, a 30.7% decline compared August of last year and down 21.4 compared to 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 ten years, yet we continue to see relative stability when it comes to prices," Eugen Klein, REBGV president said.
At 17,567, the total number of residential property for sale is up 13.8% from this time last year.
The Board's Housing Price Index composite benchmark price for all residential properties in Greater Vancouver is $609,500. This represents a decline of 0.5% compared to this time last year and a decline of 1.1% compared to last month.
The benchmark price for detached properties increased 0.2% from August 2011 to $942,100.
The benchmark price of an apartment property decreased 0.9% from August 2011 to $370,100.
The benchmark price of an attached unit - townhomes - decreased 1.9% between August 2011 and 2012 to $462,300.
