Updated: Fri Jul. 04 2008 4:04:59 PM

ctvtoronto.ca

Fewer houses are being sold in Toronto but home prices are still on their way up, according to a recent report by the Toronto Real Estate Board.

The report, released Friday, said resale home prices in Toronto went up four per cent in the first two quarters of 2008, compared with homes sold during the same period last year. The average price in the first two quarters of 2008 was $427,198.

In the 905 region, the price of resale homes went up by five per cent to $365,536.

About 8,600 homes changed ownership throughout the region in June, a decline of 18 per cent from the June 2007 total of 10,451.

However, June 2008 has a lot to live up to when compared to June 2007. That month posted the best performance ever for the month of June, said president Maureen O'Neill in a release.

"This year we're seeing a return to calmer conditions but the market remains healthy," she said.

O'Neill said the decrease in sales is related to an increase in houses listed in recent months.

"The increase in listings... has resulted in a slightly longer period during which homes are on the market, from 29 days a year ago to 34 days currently," said O'Neill. "This has given buyers and sellers a little more time to make well-considered decisions."