Home sales in the Toronto, Canada, market dropped for the third straight month in August, as prices dipped from July, the Toronto Real Estate Board reported.

The 6,976 sales recorded through the TorontoMLS system last month were 7 percent below the 7,498 sales in August 2005, according to TREB, and were down 1.5 percent from July 2006.

The average price of an existing home in the metro area registered $338,192 in August, down 1.1 percent from the previous month’s average of $342,034, but up 4.6 percent from the year-ago price of $323,255.

Despite the overall cooling, two neighborhoods located outside the city core reported double-digit annual sales gains, TREB reported. In the East, the Scarborough Town Centre/Woburn area showed a 27 percent overall increase in transactions compared to last August, led by a jump in condominium sales. West of Toronto, Milton showed an overall increase of 72 percent compared to August 2005, led by strong sales of detached and semi-detached homes.

Some 12,534 new single-family listings were added to the market in August, bringing the total number of active listings to 24,031, up 7 percent from the year-ago level of 22,374.

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