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Increase in home sales, prices

More homes were being sold across Durham Region compared to last year, according to the Durham Region Association of Realtors.

Last month, there were 845 reported residential transactions, marking a 16 per cent increase over February 2015. This comes at the same time that the number of homes going on the market dipped slightly, going down two per cent over the same time last year.

The average selling price was also on the rise, hitting $490,081, an increase of 16.5 per cent over February 2015.

“Assuming similar interest rates and economic environments, we are expecting this trend to continue into the spring market”, states Sanda O’Donohue, the president of the association, in a news release.

“We have witnessed first-hand that demand for homeownership in the Durham Region remains very strong.”