The summer of 2006 got off to a booming start, with 8,730 resale home sales in the month of June, incoming TREB President Dorothy Mason announced today.

“This marks the fourth month in a row that sales have topped the 8,000 mark, giving us a year-to-date total of 45,797 sales,” Mrs. Mason stated. “That figure is up two per cent over 2005, which turned out to be the best year ever recorded.” The average price came in at $358,035 in June, up four per cent over the $345,065 recorded in June of last year. “Prices remain affordable,” Mrs. Mason said, “yet homeownership remains an excellent investment, with an annual return that exceeds inflation.” Average time-on-market remained at 32 days, and inventory fell a little (three per cent) from May to 25,393. “There is still plenty of product out there on the market,” Mrs. Mason noted. “And that should keep a cap on price increases.”

Breaking down the total, 3,245 sales were reported in TREB’s 28 West districts and averaged $339,469; 1,579 sales were reported in the 14 Central districts and averaged $463,581; 1,762 sales were reported in the 23 North districts and averaged $385,084; and 2,144 sales were reported in TREB’s 21 East districts and averaged $286,174.

Click to view Residential Market Update – June 2006