Once again, the lack of available inventory combined with the strong sales pace continued to translate into sizzling price growth. The average selling price in May was $751,908 – up by a whopping 15.7% versus the $649,648 average price in May 2015. All four key market segments witnessed strong annual price gains, as per the following: detached homes (+18.9%), semi-detached homes (+11.8%), townhouses (+15.8%) and condo apartments (+5.9%).

Irene Love