Vancouver-area homes sales cooled in July, but they're still ahead of last year's totals

The Real Estate Board of Greater Vancouver says home sales, listings and prices cooled somewhat in July after a frenzied start to 2021, but still climbed from last year.

The board says home sales in the region totalled 3,326 last month, a 6.3 per cent increase from the 3,128 sales recorded last July and an 11.6 per cent drop from the 3,762 homes sold in June.

The board says sales last month were 13.3 per cent above the 10-year July sales average.

The number of homes listed for sale in the market reached 9,850, an 18.5 per cent decrease from 12,083 last July and a 9.1 per cent decrease from 10,839 in June.

The board says the Home Price Index composite benchmark price hit $1,175,500 last month, a 13.8 per cent increase from last July and no change from June.

The board's economist, Keith Stewart, says the figures show price growth has levelled off in most areas and home types.

"Moderation was the name of the game in July,'' Stewartsaid in a release.

"Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July.''