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Local home price increases outpace national average

Local home prices are increasing at about three times the pace of prices on a national average.

The Realtors Association of Grey Bruce Owen Sound reports that after factoring out one unusually expensive residential property sale in August 2018, August 2019 saw a record 12.8 per cent price increase.

The average price of homes sold in August 2019 was $411,433 with an overall supply near record lows.

The more comprehensive year-to-date average price was $387,001. The average price so far this year is up 8.2 per cent from the first eight months of 2018.

The Canadian Real Estate Association said nationally, the average price for a home sold last month was up almost four per cent from the same time last year, at about $493,500.

In Grey Bruce, the 333 units sold in August was almost 18 per cent higher than the same month in 2018.

On a year-to-date basis, home sales totalled 1,878 units over the first eight months of the year, down 6.3 per cent from the same period in 2018.

The dollar value of all home sales in August 2019 was $137 million, up 8.9 per cent from the same month in 2018.