Residential housing sales in the Central Okanagan dropped by over 40% in September compared to the same month a year ago.

265 units sold compared to 463 in 2007.

Listings though are up by 17%, but Brenda Moshansky from the Okanagan Mainline Real Estate Board says sellers are biding their time more right now.

"Sellers are realizing with the increased pool of inventory we're creating that they can take the time to sit back and list when there is a little bit less competition," says Moshansky.

The median price for a single family house in the Kelowna area now is $475,524, or about a 7 % drop from last year at this time.

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