Existing home sales jump 18.5 per cent, while average prices rise 11.3 per cent from year ago

(Source: Globe and Mail)

At a time when the economy is still bruised from the recession, housing sales are riding high.

Sales of existing homes in August grew by a brisk 18.5 per cent from a year ago, data released by the Canadian Real Estate Association showed yesterday. The average price climbed 11.3 per cent from a year earlier.

On a monthly basis, however, there was a slight drop in sales from July to August, at a fraction of 1 per cent.

Still, with unemployment up to 8.7 per cent, and the spectre of deflation existing, how can housing sales enjoy such a boost?

Read Susan Krashinsky’s full article “Housing sales, prices surge in August” in the Globe and Mail (September 16, 2009).

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