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Home prices continue to surge in the South Okanagan.
Year-to-date numbers released Monday by the B.C. Real Estate Association state the average price of a home in the region is $363,688, up 7.8 per cent from the same period last year.
Demand appears to be outstripping supply, with the total number of units sold actually falling half a point, while dollar volume climbs 7.2 per cent to $602M.
Last month, there was 11.5 per cent less active residential listings in the region when compared to July 2016.
"Strong economic growth, an expanding population base and a lack of supply continue to drive B.C. home sales and prices this summer," said Cameron Muir, BCREA Chief Economist.
The South Okanagan Real Estate Board is reporting the average prices of single-family homes in Penticton ($532,000), Summerland ($597,000), Oliver ($419,000), Osoyoos ($506,000).
New home starts are also white-hot in Penticton, up nearly 160 per cent in the first six months of 2017.
