The Canadian Real Estate Association says home sales declined for the fifth consecutive month between June and July, but the recent decrease was the smallest.

On a seasonally adjusted basis, the association says sales in July fell by 5.3 percent compared to June.

The actual number of sales last month was 37,975, down 29 percent compared to July of last year.

The average sale price was $629,971, down five percent from $662,924 last July, and on a seasonally adjusted basis was $650,760, down three percent from June.

Gil Oudil, CREA president, says these numbers are a continuation of trends that have been unfolding for several months and will lead marginalized buyers back to the market to find more choices but not as much as they might expect.

It says new listings in July totaled 73,436, down six percent from last July and on a seasonally adjusted basis, down five percent from June.