Existing home sales increased for the second consecutive month in March adding to evidence that the national housing market is stabilizing, the Canadian Real Estate Association said Wednesday.
The number of existing homes bought and sold through the Multiple Listing Service last month increased 7% month-over-month to 31,135 properties, on a seasonally adjusted basis. The figure builds on the 10.3% increase recorded in February.
The average price for homes sold through MLS remains below year-ago prices, "but year-over-year declines are shrinking," the association said in a release. The average residential price was $288,641 or 7.7% lower than the average national price recorded in March, 2008.
SOURCE: FINANCIAL POST