September home sales down 15.1% from a year ago

A house is up for sale on Towerhill Road in Peterborough, Ont. on Friday, July 27, 2012. (CLIFFORD...

A house is up for sale on Towerhill Road in Peterborough, Ont. on Friday, July 27, 2012. (CLIFFORD SKARSTEDT/QMI AGENCY FILE PHOTO)

Reuters

, Last Updated: 10:35 AM ET

Sales of existing homes in Canada rose in September from August, notching the first monthly gain since March, the Canadian Real Estate Association said on Monday, but year-over-year sales dropped sharply in another sign Canada’s hot housing market is cooling.

The industry group for Canadian real estate agents said sales activity was up 2.5 percent in September from August. Actual sales for September, not seasonally adjusted, were down 15.1 percent from a year earlier.

CREA’s Home Price Index rose 3.9 percent in September, its smallest gain since May 2011.


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