Home Price Growth Continued in August

DURHAM REGION, September 4, 2014 – Durham Region Association of REALTORS® (DRAR) President Jane Hurst reported 919 sales in August 2014, down 3.8 per cent compared to 955 sales in August 2013. “However, year-to-date, Durham Region has seen 7,704 sales, up 3.7 per cent compared to 7,430 over the same period last year” explained Hurst.

The average price of resale homes in Durham Region in the month of August was $388,690. “August’s average price is 7.7 per cent higher than August of last year” stated Hurst. The number of new listings that entered the market in August was 1,209, down 9.4 per cent from 1,323 in August 2013. “This is very much a seller’s market as listings have decreased and prices have increased over the past year” explained Hurst.

“So far this year, we have seen prices grow, sales remain steady and listings decrease in comparison to last year” stated Hurst. “If this trend continues, we could remain in a seller’s market for the rest of 2014.”