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SURREY, B.C. — The Fraser Valley Real Estate Board is reporting 1,330 sales in October, up 35 per cent from September, and 37 per cent year-over-year.

According to a release, new listings declined in October, down five per cent to 3,194, but increased 26 per cent year-over-year.

“After waiting it out on the sidelines for a number of months, buyers seem to be finally responding to the series of successive rate cuts by the Bank of Canada,” said Jeff Chadha, chair of the Fraser Valley Real Estate Board in a statement. “Whether this is an indication of further sales trends, remains to be seen, especially as the feds eye a possible additional cut before year-end.”

Overall inventory dipped in October to 8,799, down three per cent from September, but up 34 per cent over last year. Rising sales and steady inventory levels have the Fraser Valley in a balanced market with a sales-to-active ratio of 15 per cent. The market is considered to be balanced when the ratio is between 12 per cent and 20 per cent, the release adds.

Benchmark prices in the Fraser Valley dipped for the seventh straight month in October, with the composite benchmark price down 0.7 per cent to $971,700.