Home resales down 14% in August

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Ottawa home resales dropped 14 per cent year-over-year in August, the Ottawa Real Estate board said Friday.

The 1,141 residential properties sold in August are down from 1,328 resales during the same time last year. The five-year average for the month is 1,193.

Ottawa home resale prices have climbed 10 per cent over the past three years, according to data collected by OBJ.

The average resale price was $346,949 last month, compared to an average of $315,464 in August 2009. The price increased by 2.5 per cent year-over-year.

OREB president Ansel Clarke stated in a release that new mortgage rules that came into effect in July could explain the decrease in properties sold.

He added that sales were still in line with the five-year average, and stated that “the Ottawa market remains steady.”

August sales included 248 condominiums and 893 residential properties.

So far this year, OREB members have sold 10,720 homes, up from 10,400 in the first eight months of 2011 and 10,518 during the same time period in 2010.