Home sales have slowed from a frenzied pace earlier this year: REBGV

The Real Estate Board of Greater Vancouver says home sales have slowed from a frenzied pace earlier this year, but supply has dwindled and prices continue to rise.

The board says August home sales in the region totalled 3,152, a 3.4 per cent increase from last August, but a 5.2 per cent decrease from this past July.

The board says sales last month were about 20 per cent higher than the 10-year August sales average, but new listings were down 30.6 per cent from last August.

It says the composite benchmark price for all residential properties reached one-million-176-thousand in August, up 13.2 per cent from the same period last year and a 0.1 per cent increase from July.