Once again, house sales in the region are on the rise.
According to the Durham Region Association of Realtors, 1,322 residential transactions were completed last month, marking a 0.5 per cent increase over the same time the year before.
However, there were fewer new listings coming on to the market, with 1,603 new listings in April, compared to 1,816 the year before. According to the association, this is leading to increased prices, with the average selling price reaching $520,199, up from $440,151 last year.
“The year-over-year price increase of 18.1 per cent demonstrates the upward pressure in pricing,” states Sandra O’Donohue, the association’s president, in a news release.
Homes are selling faster as well, with the average home spending 11 days on the market, compared to 15 last year.