Sales and prices in Toronto’s housing market dropped on a seasonally adjusted basis last month compared to June, the city’s real estate board has revealed.

July sales tumbled by 8.8%, the Toronto Regional Real Estate Board (TRREB) said, with the average selling price inching 0.7% lower as higher interest rates continued to bite.

On a year-over-year basis, home sales, listings and prices were all up. The 5,250 sales recorded in July marked a 7.8% increase over the same month last year, with listings jumping by 11.5% and the average selling price of $1,118,374 up 4.2% over July 2022.