Home sales rose for the third consecutive month in April, the British Columbia Real Estate Association says.

Lower home prices and record low mortgage interest rates are the primary reasons, the association said in a news release Thursday.

"Downward pressure on home prices has eased considerably,” said Cameron Muir, the association's chief economist. “An increase in consumer demand combined with fewer homes for sale has trended the market [to] near balanced conditions.”

The number of homes for sale through the Multiple Listing Service fell to a 12-month low in April, on a seasonally adjusted basis, the association reported.

In terms of dollar volume, MLS residential sales declined 25 per cent to $3.1 billion in April, compared with the same month last year. Residential unit sales declined 20 per cent to 6,918 units during the same period.

The average MLS residential price in the province was $449,372 in April, down six per cent from April 2008, the association said. Year-to-date, MLS residential sales dollar volume was down 41 per cent to $7.8 billion over the same period last year.