The resale market home sales saw another drop in the Durham housing market during the month of June. After the three record setting months of February, March and April, the pace of transactions slowed in May and June. In June 920 homes sold in Durham Region compared to 1115 in June 2009. Normally April, May and June are the most active months in the real estate market. This year, however, the rush came in a bit earlier causing February, March and April to hit record numbers. This is mainly due to the buyers trying to get ahead of interest rate hikes and changes in newly introduced government regulations, as well as HST.
Even though the sales were down the prices reached another record high for the month of June. The average price of homes in Durham saw a marginal increase from $301,568 in May to $304,277 in June.
In comparison with the first quarter of the year the gap between the listings and sales has widened, which means there is more choice for buyers.
"With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price," said Jason Mercer, Toronto Real Estate Board's Senior Manager of Market Analysis.
