Greater Toronto home sales and prices in August up from year ago

Home sales in the Greater Toronto Area in August improved compared with a year ago thanks to an increase in prices and the number of homes sold.

The Toronto Real Estate Board says the number of homes sold in the region through the MLS system totalled 6,839 for August, up 8.5 per cent compared with the same month last year.

The average selling price also rose 4.7 per cent to $765,270 from $730,969 in August 2017.

Meanwhile, new listings totalled 12,166 for the month, up from 11,481 a year ago.

On a month-over-month basis, preliminary seasonally adjusted sales in August were up by two per cent compared with July.

The seasonally adjusted average selling price last month was down 0.2 per cent compared with July.