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Greater Vancouver home sales more than double in August

Vancouver-area home sales more than doubled in August as buyers continued to take advantage of low interest rates and relatively attractive prices. Last month’s 3,400 sales represent an increase of 120 per cent from a year ago, according to the Real Estate Board of Greater Vancouver.

The industry group says the sales figure is “in line with the active summer months experienced between 2003 and 2007.”  In fact, the number of sales was two per cent below August 2007 when the market was red hot.  The August average adjusted selling price of $540,000, however is still down by one per cent from a year earlier.

New listings rose five per cent, although total listings are still one-third below last August.  The industry group’s president, Scott Russell says “from the variations in activity we’re seeing across areas I’d say the market is still trying to find its own balance.”

The Fraser Valley Real Estate Board reports that its sales in August nearly doubled to 1,800.