Sales were really, really strong in July. In fact it was the fifth highest monthly sales ever recorded in the FVREB. According the the FVREB, '37% of buyers were first time buyers' which, as they mention, creates a powerful 'ripple effect' of move up buyers. Sales beget more sales.
Active listings still rose modestly through the month of July.
Months of inventory fell slightly to 4.55 which puts the market in 'sellers' territory.
Prices have certainly come up from the lows witnessed in the late winter / early spring but are still below peak levels.
Not surprisingly, higher sales combined with stable inventory has created a market in which prices are rising. Time will tell how long it will last.
My hunch is that we have seen the last boom month this year in terms of sales and it will be downhill from here as the mortgage preapprovals at the 'ultra-low' rates of the late winter / early spring are expiring now. Don't read this to mean that I think prices are going to fall precipitously from here on out but I do think there will be significant weakness in the later part of this year.
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