Vancouver home prices rise as sales up nearly 30 per cent from last July

The Real Estate Board of Greater Vancouver says last month's home prices rose from June amid strong sales figures and low levels of housing inventory.

The board says the composite benchmark sat at just over $1.2 million in July, up 0.6 per cent from the previous month and 0.5 per cent compared with the same month last year.

Sales in the market totalled 2,455 last month, a 28.9 per cent increase from a year ago.

The board says the sales were 15.6 per cent below the 10-year seasonal average of 2,909.