There was a large drop in the number of home sales in Metro Vancouver in July as activity returned to more normal levels for the time of year.

The Real Estate Board of Greater Vancouver says there were 3,226 sales in the month, down 26.7 per cent from the previous month and 18.9 per cent below July 2015. Most of the decline was in detached homes (down 30.9 per cent year-over-year) while apartments saw a more modest decline of 7.3 per cent.

“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.

Prices remained sharply higher than a year earlier with the benchmark composite price at $930,400, up 32.6 per cent year-over-year; apartment prices were up 27.4 per cent to $510,600; detached home prices were 38 per cent higher at $1,578,300.

“We’ll wait and watch over the next few months to see if this marks the return of more normal market trends,” Morrison commented.

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