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Toronto home sales in May up from April, but down more than half from a year ago

FILE- In this June 8, 2018, file photo a for sale sign stands in front of a house, in Jenkintown, Pa. U.S. home prices accelerated in March 2020 even though sales plummeted, as those Americans still buying bid for a sharply diminished supply of homes. (AP Photo/Matt Rourke, File).
FILE- In this June 8, 2018, file photo a for sale sign stands in front of a house, in Jenkintown, Pa. U.S. home prices accelerated in March 2020 even though sales plummeted, as those Americans still buying bid for a sharply diminished supply of homes. (AP Photo/Matt Rourke, File). Matt Rourke / The Canadian Press

TORONTO – The Toronto Regional Real Estate Board says home sales in the region improved in May compared with April, but remained less than half of what they were a year ago due to the pandemic.

The board says there were 4,606 sales in the Greater Toronto Area through its MLS system in May, down 53.7 per cent compared with a year earlier.

However, sales in May were up 55.2 per cent compared with April.

READ MORE: Greater Toronto Area home sales down 69% midway through April due to COVID-19

The average selling price was $863,599, up three per cent compared to May 2019.

The number of new listings totalled 9,104, down 53.1 per cent compared with year ago, but up 47.5 per cent on a month-over-month basis.

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Board president Michael Collins says that if the gradual re-opening of the economy continues, it is possible that home sales will continue to improve in the coming months.

Click to play video: 'GTA real estate prices staying up despite coronavirus crisis' GTA real estate prices staying up despite coronavirus crisis
GTA real estate prices staying up despite coronavirus crisis – May 29, 2020

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