Single-family home sales in July were down 42 per cent compared to last year, the Canadian Real Estate Board said.Single-family home sales in July were down 42 per cent compared to last year, the Canadian Real Estate Board said. (CBC)

Calgary residential sales continue to cool off, the Calgary Real Estate Board says.

However, prices are up compared to last year.

Calgary's single-family home sales in July dropped 42 per cent compared to the same time last year, and about 14 per cent compared to June.

Condo sales were down 44 per cent from last year and 11 per cent compared to June.

Across the country, sales have dropped about 30 percent compared to last year.

In a news release, board president-elect Sano Stante said the slow-down was not surprising in the face of tighter mortgage regulations and rising interest rates.

"The post-recession rally we saw in summer of 2009 was unique and that pace couldn't be sustained," the release said.

Sale prices in Calgary are down compared to June but still higher than in July 2009.

The average price of a single-family home sale in July was about $465,000. In June it was $482,000. In July 2009 it was $437,000.

Average condo prices were steady at about $290,000, down only slightly from last month and two per cent more expensive than last year.

There was also a slowdown in the number of Calgarians putting homes up for sale in the month of July, the board said.