Durham home prices up 26%

The growth of housing prices in Durham Region continued to climb last month.

According to a news release from the Durham Region Association of Realtors (DRAR), there were 1,090 residential transactions in September, a 10 per cent increase from the same time last year.

“The balance between supply and demand for homes is very tight,” states Sandra O’Donohue, DRAR’s president, in a news release, adding there were 1,556 new listings last month compared to 1,488 in September 2015.

The average home in Durham Region sold in September came with a price tag of $555,054, a 26-per-cent increase over September 2015, when the average selling price was $438,462. Oshawa saw the lowest average prices, coming in at $467,925. Uxbridge was the highest, with homes selling for an average of $698,521.

On top of this, homes are selling quicker, sitting on the market for an average of 12 days, compared to 18 last year.