Following a slow start to the year, sales activity improved by eight per cent this month compared to last year. The gains in monthly sales was also met with a gain in new listings, but the new listings growth was not enough to derail the trends of year-over-year reductions in inventory that have occurred for 11 consecutive months.

The reductions in inventory and the improvements in sales are helping reduce the amount of oversupply in the market. While prices have remained relatively flat this month, year-to-date price gains were likely driven by shifts in distribution with more sales occurring in the highest price ranges.

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