Both sales and prices of homes in B.C. were up in January when compared to December.

However, they were down compared to January 2012, the British Columbia Real Estate Association reported Monday.

The number of sales was up 1.8 per cent in January, but down 13.6 per cent from last year at this time.

The average composite price was $514,134, up 3.2 per cent from December, but down 2.7 per cent from a year ago, BCREA said.

“Despite a modest uptick in consumer demand last month, home sales have remained relatively stable at a noticeably lower level since last August,” said Cameron Muir, BCREA chief economist.

The volatility in average prices that was caused by the 2011 surge and subsequent 2012 pullback in luxury home sales appears to have moderated, Muir said.

The year-over-year drop in average price of 2.7 per cent more closely reflects the price of a typical home, he added.

Source: Tracy Sherlock, Vancouver Sun

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