Home sales up 6.5 per cent in August: OREB

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The number of homes sold by realtors in Ottawa increased last month as the market again showed signs of second-half improvement for 2013.

Realtors sold 1,219 homes in August, according to figures the Ottawa Real Estate Board released on Thursday. That’s an increase of 6.5 per cent over the 1,145 homes sold during the same month in 2012.

It’s also in line with the five-year average for August of 1,202.

OREB members are taking last month’s results as a sign that the Ottawa market has finally turned a corner after year-over-year lows during much of the first half of 2013. The August results break three straight months of decreases.

“With both residential and condo units sold up a respectable amount since last year, it breaks the downward cycle,” said Tim Lee, president of the OREB, in a statement.

The number of sales for 2013 are still on pace to be down compared to the year before. Home sales from January to August reached 10,176 compared to 10,719 in 2012.

Prices were also up slightly. The average home sold for $348,519 last month, a 0.4 per cent jump over a price of $346,995 during the same time period in 2012.

“Inventory on hand has decreased since last month, and is starting to return to more normal levels,” said Mr. Lee in the statement.