The Quebec Professional Association of Real Estate Brokers says September home sales in the Montreal area fell by 28 per cent compared with a year ago as the market continued to edge toward pre-pandemic levels.
The association says 3,671 homes were sold last month in the area, down from 5,120 in September 2020.
New listings for the month also dropped from 7,499 last September to 5,818 last month.
Median prices continued to rise sharply in September, reaching $504,500 for single-family homes, $365,000 for condominiums and $690,000 for plexes.
The association says the Montreal real estate market is still showing significant overheating conditions, but the proportion of sales concluded above the asking price has weakened over the past five months.
The association says this trend is being reflected in a reduction in the number of buyers making an offer on the same property.
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