Local home prices keep climbing

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The average resale price for an Ottawa home in July has climbed more than 12 per cent over the past three years, according to data collected by OBJ.

The Ottawa Real Estate Board said on Friday that the average home resale price last month was $337,518. That compares to an average of $300,632 in July 2009.

Looking at a larger sample size shows an even more dramatic increase.

The average year-to-date resale price in 2012 is $352,911. That's up nearly 20 per cent from the the average resale price of $295,206 in the first seven months of 2009.

Looking at a year-over-year snapshot, the average resale home price slipped slightly more than one per cent in July.

OREB past-president Joanne Tibbles said in a statement accompanying the July figures that "the Ottawa market generally remains stable."

OREB members sold 1,366 homes, up 3.4 per cent from a year earlier and close to the five-year average of 1,360.

Local realtors appear to be keeping busy in 2012. So far this year, OREB members have sold 9,579 homes. That's up from 9,071 in the first seven months of 2011 and 9,416 in the same time period in 2010.