The Toronto Regional Real Estate Board indicated that home sales, listings, and prices rose in July compared to last year, but activity seems to be slowing in the face of rising interest rates.

The board stated that sales of 5,250 this month rose by 7.8% compared to July 2022, while listings grew by 11.5%.

The average selling price increased by 4.2% in July compared to the previous year to $1,118,374, while the benchmark price rose by 1.3%.

However, sales and prices turned to decline from June on a seasonally adjusted basis, with sales down by 8.8% and the average price down by 0.7%.

The decline in monthly sales in July marked the second consecutive month of sales decreases, while the price drop in July was the first month since February that experienced a decline.

The board says that the sales momentum seen earlier in the spring seems to have somewhat halted since the Bank of Canada resumed its interest rate tightening cycle in June.