Average Toronto-area home sale price fell to $602K in August

A house 'sold' sign is shown in Oakville, Ont., Monday, July 23, 2012. (Richard Buchan / THE CANADIAN PRESS)

Toronto-area home sales were up more than 5 per cent from this time last year, but the average sale price for the year has dipped by approximately $5,000 from last month.

Nearly 8,000 homes were sold last month, according to a report issued Friday by the Toronto Real Estate Board (TREB).

The report found that home sales were up 5.7 per cent from August 2014, and the number of new listings was up 8.3 per cent.

"This suggests that sellers' market conditions remained in place, especially where low-rise home types like singles, semis and townhouses were concerned," the report said.

"Buyers in the (Greater Toronto Area) remain confident in their ability to purchase and pay for a home over the long term," TREB President Mark McLean said in the report.

In addition to the increase in sales, the average sale price was up 10 per cent when compared to that of August 2014. This year, the average was $602,607 across the GTA, while last year the average was $546,482.

The average is up compared to last August, but fell approximately $5,000 from the average price recorded by the TREB in July ($609,236).

Data showed the average price of a detached home in the Toronto area was $792,111, while the average cost of a semi-detached home was $541,919. Townhouses sold for an average of $469,721, while condominiums sold for $380,228.

The TREB also broke down the number of sales and average sale prices by type of home and region of the Toronto area, based on the area codes 416 and 905.