In August, 459 residential properties were sold through the Kitchener-Waterloo Association of Realtors, a decrease of 9.1 per cent compared to the same month last year.

Sales for detached homes, condominiums and townhouses all saw decreases.

Semi-detached homes were the properties that saw an increase in sales.

"The number of homes sold last month was below the average for August. However, we continue to see strong price gains across all property types,” says KWAR president Brian Santos in a statement.

The average sale price of residential properties sold in August increased by 6.4 per cent to $524,482 compared to August 2018.

It took an average of 26 days in August to sell a home, which is two days fewer than it took during the same month last year.