"The increasing correlation between sales and new listings over the pandemic is consistent with more buyers selling their

current homes and purchasing other, typically larger, homes," the board said.

It described the trend board members are seeing since early 2021 as the market "settling down," and said a monthly survey

pointed to first-time and move-up buyers becoming a larger portion of total home sales.

While inventory is down, prices are generally not.

The August 2021 benchmark price – a measure that is not an average or median but is calculated based on the typical type,

size and age of home available in a region – was a record-breaking $1,176,600.

Looking at detached homes alone, the benchmark was $1,807,000. Benchmarks for attached homes and condos were at

$952,600 and $735,100 in the market.

While growth in prices hasn't been to the extent seen at other times in the local market, things are expected to pick up again

in the fall.

The board forecast an upward pressure due to above-average sales volumes, coupled with the low inventory noted previously.

It says buyers and sellers should expect new listings and sales in Q4 to remain near to long-term averages, and expects the

number of listings to increase, but at a level still well below the norm.