Home sales in the Toronto, Canada, market fell for the second consecutive month in July, as prices began to stabilize, the Toronto Real Estate Board reported today.

The 7,082 sales recorded through the TorontoMLS system last month were 4.1 percent below the 7,387 sales in July 2005, according to TREB.

The average price of an existing home in the metro area registered $342,034 in July, up 4.9 percent from $326,034 recorded a year ago, but down 4.5 percent from $358,035 in June.

“With inventory up 11 percent over last July, some of the upward pressure on prices has eased,” said TREB President Dorothy Mason. “It is an excellent time to be in the market and there are plenty of options available across the price spectrum.”

Despite the overall cooling, three districts in the metro area reported double-digit annual sales gains.

The Morningside section of Scarborough was particularly active during the month, with a 24 percent increase in overall sales activity compared to July 2005. This increase was fueled mostly by double-digit increases in detached home and condo-apartment sales.

High Park showed a 30 percent overall sales increase compared to last July, due to strong semi-detached and townhouse sales.

The Downtown Core/Harborfront area also put in a strong showing, with total sales up 28 percent over the same timeframe in 2005. An increase in condominium sales was behind this healthy performance.

The Toronto Real Estate Board serves more than 24,000 Realtors throughout the Greater Toronto area.

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