A combination of fewer sales and more listings is putting the lid on home price increases in the Fraser Valley, according to the latest real estate numbers released Tuesday.

“This is the third month in a row based on the 10-year average where we've seen lower sales combined with a higher influx of new listings,” Sukh Sidhu, president of the Fraser Valley Real Estate Board, said in a statement.

“This trend is stabilizing home prices in the Fraser Valley, resulting in the price of a typical detached home in September being only slightly higher than it was in May.”

According to the latest FVREB numbers, property sales in the Fraser Valley were the third lowest for that month in a decade, while new listings for September ranked the second highest.

According to a release, the board processed 1,165 sales in September, an increase of 12 per cent compared to the 1,044 sales during the same month last year and a decrease of 13 per cent compared to 1,341 sales in August.

The board also posted 2,651 new properties on its multiple listing service in September, an increase of 10 per cent compared to September of 2010 and about the same as August.

The number of active listings in the Fraser Valley remained at 10,096 in September, at an annual high for the last three months.

As well, the benchmark price of a single family detached home in the Fraser Valley in September was $530,321, an increase of 4.5 per cent compared to $507,429 in September 2010 and 0.3 per cent higher than the price in August.

For townhouses, the benchmark price in September was $327,546, an increase of 1.8 per cent compared to the same month last year and unchanged from August.

For apartments, the benchmark price in September was $243,420, an increase of 1.6 per cent compared to September 2010 and down 0.9 per cent compared to August.

Read it on Global News: Global BC | Fewer sales, more listings keep lid on home prices in the Fraser Valley, report says
 

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