Oct 5 (Reuters) - The average selling price of a home in the Greater Toronto Area jumped in September from August, as the fall market picked up steam and a lack of supply led to more competition from buyers for all types of housing, the Toronto Regional Real Estate Board (TRREB) said on Tuesday. The average price of a resale home jumped 6.1% in September from August, and was up 18.3% on the year. Sales rose slightly on a month-over-month basis, but fell 18% on the year as new listings plunged 34% from a year ago. "With new listings in September down by one third compared to last year, purchasing a home for many is easier said than done. The lack of housing supply and choice has reached a critical juncture," said Kevin Crigger, President of TRREB, in a statement. The industry group noted that desirable detached and semi-detached homes, along with low-rise townhomes, continue to drive price gains, though competition between buyers for condos is picking up. SEPTEMBER AUGUST SEPT 2020 YR/YR PCT CHANGE TOTAL SALES 9,046 8,596 11,033 -18.0% AVERAGE PRICE C$1,136,280 C$1,070,911 C$960,613 18.3% NEW LISTINGS 13,483 10,609 20,441 -34.0% After preliminary seasonal adjustment SEPTEMBER MTH/MTH PCT CHANGE SALES 8,712 0.7% AVERAGE PRICE C$1,123,277 1.8% Sales by type of property SEPTEMBER YR/YR PCT CHANGE DETACHED 3,908 -29.3% SEMI-DETACHED 824 -27.5% TOWNHOUSE 1,558 -17.6% CONDO APARTMENT 2,664 13.0% Average price by type of property AUGUST YR/YR PCT CHANGE DETACHED C$1,526,465 28.9% SEMI-DETACHED C$1,114,696 20.8% TOWNHOUSE C$ 909,226 21.5% CONDO APARTMENT C$ 708,521 11.6% (Reporting by Julie Gordon in Ottawa; Editing by Sandra Maler)
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