Vancouver home sales rise as prices fall

Home sales in Vancouver were up 11.9 per cent in June from a year earlier, while prices fell, says the Real Estate Board of Greater Vancouver.

The average home price in the Greater Vancouver area — Canada's priciest real estate market — was $601,900 in June, according to the MLS home price index, a decrease of three per cent from the same month last year.

The board says 2,642 homes were sold through its Multiple Listing Service last month, up from 2,362 sold in June 2012, but a decline from the 2,882 sold a month earlier in May.

Despite the double-digit gain, sales in the region were 22 per cent below the 10-year average for June, typically one of the busiest months of the year. 

A further decline in the number of new listings suggests the once red-hot market has cooled off. A total of 4,874 listings were added in June, a decline of 13.2 per cent from a year ago and 11.5 per cent for the 10-year average.