May home resales increase 14%

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Resale homes increased by about 14 per cent year-over-year this May, according to numbers from the Ottawa Real Estate Board.

Members of the board sold 1,896 residential properties compared with 1,659 last year. The sales in May 2012 included 364 condominiums.

Average sales price across all residential properties increased more than three per cent to $362,837 this year. Condominium prices bumped up 2.5 per cent to $268,831.

Sales since the beginning of 2012 have been "on a steady incline," the board stated, with increases seen in both inventory and prices.