A continued increase in buyer activity over the last four months has resulted in increased home sales and lessened the downward pressure on housing prices in Greater Vancouver.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential housing sales in Greater Vancouver rose 18.9% in May compared to the month before. The total number of sales in May 09 was 17.4% higher than in May 08.

However, home prices compared to May 2008 are down 10.9%.? At the same time new MLS? listings for residential properties continued to decrease for the sixth month in a row.

The increased level of buyer activity over the last few months has had a stabilizing effect on home prices across our region " said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV).

"MLS? data continues to show a trend toward a balanced market in the region."

Click on the graph to see it in full size

You can also download the whole May 2009 REBGV statistics.