Market Watch June 2010
Greater Toronto Realtors reported 8,442 sales through the MLS in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 - up one per cent annually. Year-To-Date sales through June were up 23 percent to 50,455 compared to the first six months of 2009.
"We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year," said TREB President Bill Johnson. "The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates." The average price for June transactions was $435,034 - up eight per cent compared to to the average of $403,972 recorded for June 2009.
"With more homes to choose from in the second quarter, many home buyers have been making less-agressive offers. This has resulted in les upward pressure on the average selling price," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The annual rate of average price growth in the second half of 2010 will be single digits."
Greater Toronto Realtors reported 8,442 sales through the MLS in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 - up one per cent annually. Year-To-Date sales through June were up 23 percent to 50,455 compared to the first six months of 2009.
"We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year," said TREB President Bill Johnson. "The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates." The average price for June transactions was $435,034 - up eight per cent compared to to the average of $403,972 recorded for June 2009.
"With more homes to choose from in the second quarter, many home buyers have been making less-agressive offers. This has resulted in les upward pressure on the average selling price," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The annual rate of average price growth in the second half of 2010 will be single digits."
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