DURHAM REGION – June 4, 2010 – The Durham Region Association of REALTORS® reported 1,027 sales through the Multiple Listing Service® (MLS®) during the month of May which is at par with last year’s 1,026 sales for the same month, but reflects a decrease from the high sales totals seen in both March and April of this year.
Meanwhile, active listings remain on the rise with May offering up 2,600 available resale home listings, 1% higher than May of 2009 and the highest amount seen so far this year.
“We can now see the forecasted trend of increased available listings coinciding with a decrease in the substantial sales of the prior few months. With an anticipated increase in mortgage rates, many buyers purchased their homes earlier than is the norm this year” explains Dierdre Mullen, President of the Durham Region Association of REALTORS®.
The average selling price in May was $301,568, an increase of 8 per cent over last year’s May average of $278,592, but also less than the highs seen over the previous months of 2010.
“After such a fast pace for the beginning of 2010, the Durham resale housing market is now balancing out and will continue to do so in the months to come. With so many options now available for buyers, the annual rate of price growth will continue to slow in the second half of the year.”
