July 7 (Reuters) - The Toronto Regional Real Estate Board (TRREB) revised down its housing sales outlook for 2020 on Tuesday on subdued transactions resulting from the coronavirus pandemic, even as the housing market rebounded in June. Total home sales across the greater Toronto area fell 1.4% in June from June 2019, compared with a 53.7% drop in May. Listings rose 2.1% year-over-year, versus a 53.1% decline in May. But the slower market conditions in March, April and May led TRREB to revise its annual housing market outlook down to 80,000 sales from an initial projection in February of 97,000. It noted there remained downside risks to the housing market. "We are still in the early days of recovery, but barring any setbacks, we should continue to see stronger market conditions in the second half of 2020 as households look to satisfy their ownership housing needs," TRREB President Lisa Patel said in a release. A resurgence in Canadian COVID-19 cases could slow the economic restart or cause restrictions to be reimposed, it said, while a negative economic impact associated with a rise in U.S. coronavirus cases could continue to affect trade, employment and overall household wealth via equity markets. JUNE 2020 MAY 2020 JUNE 2019 YR/YR PCT CHANGE TOTAL SALES 8,701 4,606 8,826 -1.4% AVERAGE PRICE C$930,869 C$821,392 C$831,882 11.9% NEW LISTINGS 16,153 6,174 15,824 2.1% After preliminary seasonal adjustment JUNE 2020 MTH/MTH PCT CHANGE SALES 6,518 83.8% AVERAGE PRICE C$906,874 9.8% Sales by type of property JUNE 2020 YR/YR PCT CHANGE DETACHED 4,445 5.6% SEMI-DETACHED 798 -9.3% TOWNHOUSE 1,573 6.5% CONDO APARTMENT 1,793 -16.3 (Reporting by Kelsey Johnson in Ottawa; Additional reporting by Nichola Saminather in Toronto; Editing by Peter Cooney)
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