08/03/2012 08:49 EDT | Updated 08/13/2012 04:06 EDT

Vancouver Home Sales For July Fall To Lowest Level For The Month Since 2000


VANCOUVER -- Home sales in Vancouver for July hit their lowest total since 2000.

The Real Estate Board of Greater Vancouver reported 2,098 properties sold for the for the month.

The total was down 18.4 per cent from 2,571 in July 2011 and down 11.2 per cent from June's mark of 2,362.

Despite the sharp drop in the number of homes sold, the board says the MLS home price index composite benchmark price was $616,000, up 0.6 per cent from a year ago, but down 0.7 per cent from June.

The total number of active residential property listings on the MLS system was 18,081, up 18.8 per cent from a year ago, but down 2.2 per cent compared with a month ago.

The board says with a sales-to-active-listing ratio of 11.6 per cent, conditions have favoured buyer in the market recent months.

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