More residential properties were sold in July 2009 than ever recorded in that month. (CBC)

The Real Estate Board of Greater Vancouver says the number of residential properties sold in July was the highest ever recorded for that month.

A total of 4,144 residential properties were sold in July 2009, outpacing the 4,023 sales in July 2003, which is the only other year that July sales exceeded the 4,000 mark.

Overall, home sales in July declined 3.4 per cent compared to last month, but are up 89.2 per cent when measured against the 2,174 sales recorded in July 2008.

Prices lower than last year

Since the beginning of 2009, the benchmark price for residential properties has increased 9.2 per cent to $528,821 from $484,211, as calculated by the MLSLink Housing Price Index.

However, home prices are down five per cent compared to July 2008.

"Home sales this summer are seasonally higher than normal, which is due in large part to the price correction that has taken place in the last year and low interest rates," board president Scott Russell said in a statement.

"Although well-priced listings and lower to mid-range priced properties remain in the highest demand across Greater Vancouver, recent activity from first-time buyers is beginning to boost demand in the 'move-up' segment of the market."

New listings continue to decline

New listings for detached, attached and apartment properties in Greater Vancouver declined 17.4 per cent in July 2009 compared to July 2008.

The number of new listings dropped to 5,041 in July 2009 compared to 6,104 in July 2008.

At 12,482, the total number of property listings declined 5.8 per cent compared to last month and 34 per cent compared to July 2008.

The Real Estate Board of Greater Vancouver is an association representing more than 9,800 real estate agents.