Home sales in the Greater Toronto Area (GTA) for May were down 3.4 per cent from a year ago, according to the latest report from the Toronto Real Estate Board (TREB).

The board says area realtors reported 10,182 transactions last month through the Multiple Listing Service, down from 10,544 in May 2012.

However, the board says sales of single-detached homes in the GTA were up by almost one per cent compared to the same period last year. Most notably, the City of Toronto experienced a three per cent year-over-year increase.

“The sales picture in the GTA has improved markedly over the past two months. While the number of transactions in April and May remained below last year’s levels, the rate of decline has been much smaller,” says TREB president, Ann Hannah. “A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market.”

The average selling price for May 2013 advanced 5.4 per cent, to $542,174 from $514,567 in May 2012. The board attributes the higher average price to a tight lowrise market, particularly for single-detached and semi-detached homes in Toronto.

Average condominium apartment prices were also up slightly in May in comparison to last year.

“The annual rate of price growth in May was not surprising given the competition that still exists between buyers,” says TREB’s senior manager of market analysis, Jason Mercer. “We remain on track for a 3.5 per cent increase in the average selling price for 2013 as a whole.”