The Greater Vancouver housing market gained further momentum in July with record sales levels and a continued strengthening of home prices.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totaled 4,114 in July 2009, becoming the highest volume of sales ever recorded within the REBGV for that month, outpacing the 4,023 sales of July 2003, which is the only other year that July sales exceeded the 4000 mark.

Since the beginning of the year, the MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 9.2%. However, home prices compared to July 2008 levels are down 5 per cent.

At the same time new MLS? listings for residential properties declined 5.8% from last month and 34% compared to July 2008.

Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates," said Scott Russell, president of the Real Estate Board of Greater Vancouver (REBGV). "Although well-priced listings and lower-to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the "move-up" segment of the market."

"It is currently taking, on average, 48 days for a home to sell in the region. Today's market activity differs by area and property type and it's important to tap into local housing market expertise to understand why some properties are attracting multiple offers, while others are not moving," Russell said.

Click on the graph to see it in full size

You can also download the whole July 2009 REBGV statistics.