The hot Calgary real estate market finished the summer with higher than expected home sales in August and a new record set for the benchmark price of a single family home.

A new report from the Calgary Real Estate Board (CREB) shows the number of home resales were up 30 per cent for the month of August compared to the same time last year.

The price tags were also up last month with the benchmark price of a single family home set at almost $465,000 — an increase of 7.4 per cent and a record high.

The benchmark price this year is $13,000 higher than 2007 but CREB admits it has not adjusted for inflation.

Anne-Marie Lurie, the chief economist with CREB, said the June flooding and a possible increase in interest rates may have spurred people to buy.

"Some of those renters that were displaced chose to jump into ownership a lot sooner and people who were already in the market looking for a home may have sped up that decision increasing that demand." 

Continuing trend

Reator Doug Hayden said homes listed between $400,000 and $450,000 are generally selling within days.

"I don't see prices going backwards. I think this is the new market," said Hayden.

The CREB report shows condominium prices and sales have also increase by seven per cent compared to the same time last year, but not have reached the levels of 2007.