Price increases in Vancouver’s existing homes market show no signs of letting up, as the market actually got even hotter in April.

The Real Estate Board of Greater Vancouver said its Multiple Listing Service Home Price Index composite benchmark price for all residential properties in the metro area was up 25.3 in April from a year ago, reaching $844,800. Just 30 days ago, the year over year gain in the metro region was 23.2%.

“Home buyer competition remains intense across the region,” Dan Morrison, president of the board, said in a release.

The average detached home in the metro region sold for $1,817,027, while the average attached home reached $771,321. Apartment prices averaged $528,685 last month.

April sales were up from a year ago but fell from March. There were 4,781 sales in April, a 14.4% jump from a year but a 7.6 decline from March when 5,173 homes sold. Even at the reduced level, April sales were 41.7% above the 10-year sales average for the month.

New listings did jump, reaching 6,172 for detached, attached and apartment properties — a 3.9% increase from a year ago. New listings actually declined 2.6% from March.

“While we’re seeing more homes listed for sale in recent months, supply is still chasing this unprecedented surge of demand in our marketplace,” Morrison said.

In total, there were 7,550 homes listed for sale on the MLS system in the metro Vancouver region, a 38.3 per cent drop from a year ago but a 2.6% increase from March.

The sales-to-active listings ratio for April 2016 is 78% which the board says is “a seller’s market” indication.

Sales of detached properties in April jumped 9% from a year ago while the benchmark price for detached properties was up 30.1% during the same period to reach $1,403,200.

Apartment property sales rose 33.4 in April from a year ago while the benchmark price in that category was up 20.6% during the period to $475,000.

Vancouver Home Price Gains Are Growing Larger & Larger amid “Intense” Competition Among Buyers by Garry Marr | Financial Post