Canadian home sales hold steady in July

According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity remained stable from June to July 2012. Prices are off their recent peaks in Greater Vancouver and Greater Toronto, but remain above year-ago levels in most markets.

Highlights:
•       Home sales activity little changed (-0.01%) from June to July.
•       Actual (not seasonally adjusted) sales up 3.3% over levels in July 2011.
•       The number of newly listed homes fell 3.3% from June to July.
•       Stable sales combined with fewer new listings firmed the national housing market, keeping it in balanced market territory.
•       The national average home price declined 2.0% on a year-over-year basis in July.
•       The Composite Aggregate Benchmark home price was up 4.5% in July, its smallest gain in over a year.

Sales over MLS® Systems of Canadian real estate Boards and Associations held steady in July 2012 from the previous month, edging back by less than one-tenth of a percentage point.

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