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The number of homes sold in the Kitchener-Waterloo market continues to decline but prices remain on the rise.

There were 448 homes sold in the area in September, down 4.7 per cent from a year earlier, the Kitchener-Waterloo Association of Realtors (KWAR) reported.

READ MORE: Home prices continue to climb in Kitchener-Waterloo

That brings the total number of homes sold in 2018 to 4,558, a whopping 14.7 per cent less than 2017 when there were 5,345 homes sold in Kitchener-Waterloo.

“The stress-test that came into force on all new mortgages at the beginning of the year has taken some of the steam out of home sales activity,” KWAR president Tony Schmidt said. “Meanwhile home prices continue to rise as inventory levels remain rather low.”

While the volume of homes changing hands has plummeted, the cost of buying a home in the two cities continues to skyrocket.

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READ MORE: Kitchener-Waterloo home sales continue to fall but prices remain on the rise

The average sale price of buying a home in September increased by 10 per cent year-over-year to $492,398.

Condos (up 24.1 per cent to $325,378) and detached homes (up 11.4 per cent to $574,653) led the way but the cost of buying townhomes (up 4.7 per cent to $377,442) and semis (up 4.7 per cent to $386,670) also increased as well.

There were more homes hitting the market in Kitchener-Waterloo in September compared with a year earlier, as there were 824 new listings, a 10 per cent increase.

The average days on market in September 2017 was 26, the same as a year earlier.