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House prices on the rise

The price of a home in Durham Region continues to go up.

According to a news release from the Durham Region Association of Realtors, the average selling price of a home in the region is more than 10 per cent higher than it was a year ago, with last month’s average selling price at $448,048, and July 2014’s at $395,393.

“The steady increase in price would be explained by the low inventory. Homes are generally selling quickly because there is less selection making it a seller’s market,” states Sandra O’Donohue, the association’s president, in the release. “The year-over-year price increase of 13.5 per cent represents the willingness of buyers around the region.”

The release adds that homes are selling quicker as well, with the average closing time last month at 18 days, down from 20 in July 2014.