Summer Is Here And So Is June’s Real Estate Market News

Summer is here! Sales were still good. Although, transactions were only up 1% over last June – but keep in mind last summer was record setting through each month. That being said our values are stronger this June versus last. The story for the remainder of the year should be moderate growth. We can likely say goodbye to the frothing months of the past. Here is the breakdown:

There were 8,442 sales through the Multiple Listing Service® (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 per cent 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 Toronto Real Estate Board President Bill Johnston. “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 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-aggressive offers. This has resulted in less 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 in the single digits.”

In June, the median price was $367,750, from the $345,000 recorded during June of 2009.

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