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The Canadian Real Estate Association says home sales through its Multiple Listings Service in September fell 1.4% on a month-over-month basis, the first monthly decline since January.

The association says sales were down in about 60% of all local housing markets last month.

Read: Home sales climb in August

CREA president Beth Crosbie says affordably priced single family homes are in short supply in some of the hottest markets and that contributed to the monthly decline.

The number of newly listed homes fell by 1.6% in September compared with August.

Read: Fewer homes built in August

Compared with a year ago sales were up 10.6%, while the average price for a home sold last month was $408,795, up 5.9% compared with a year ago.

However, excluding the Greater Vancouver and Greater Toronto markets, the average price was $325,406, up 4.5% from September 2013.

“Overall, the headline sales decline is a disappointment, although more data points will be needed to confirm a clear softening trend,” says Nick Exarhos of CIBC WM Economics in a note to analysts.

Read: Are clients putting off home purchases?

Originally published on Advisor.ca

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