TORONTO, ONTARIO - Greater Toronto REALTORS® reported 2,790 sales through the Multiple Listing Service® (MLS®) during the first two weeks of July 2010. This represented a 37 per cent decrease compared to the 4,437 sales recorded during the same period in 2009. New listings decreased by eight per cent annually to 5,184.

"Last summer existing home sales spiked well above the expected long-term trend. Sales were also unseasonably high during the first four months of this year," said Toronto Real Estate Board President Bill Johnston. "Transactions will be down year- over-year in the second half of 2010 as the level of sales balances out."

"With year-to-date sales up by more than 18 per cent compared to last year, we continue to look forward to one of the best years on record under the current TREB trading area," continued Johnston.

The average price for July mid-month transactions was $427,931 – up eight per cent compared to the average of $394,750 recorded during the first 14 days of July 2009.

"The average home selling price in the GTA will continue to grow on an annual basis in the second half," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Even with the pace of transactions slowing, there will be enough sales relative to listings to support sustainable rates of price growth."