House sales are down, but prices holding up

A new report shows that Canadian house sales are down, but prices are holding up.

The Canadian Real Estate Association says home sales last month were down 0.6% from a year ago, but they were up 3.3% when compared with May. Despite the overall drop in sales from June 2012, the national average sale price last month was up 4.8% from a year ago.

The real estate association says some 240-thousand homes have sold in Canada through its multiple listing system so far this year, which is down almost 7% from the first half of 2012.