For the first time in more than a year, property sales in the London area are up

LONDON: The London area real estate market edged up in March in what may be the first indication of a return after a year of declining sales and falling prices. (Reported by news source)

The London and St. Thomas Association of Realtors stated Wednesday that a total of 685 properties sold in the London area, with an average selling price of $653,611. This represents a 1% increase over the price in February and a 57% increase over the 436 homes that sold in February.

Realtors in the London area should be pleased, according to organization president Adam Miller. As more people continue to relocate to the London region, rising demand, the halt in interest rate hikes along with lower inflation have bolstered consumer confidence, according to Miller.

In London alone, 302 homes sold in February for an average price of $614,216 while 468 residences were sold last month for an average price of $631,358.