The number of homes sold in the Toronto area continues to be on the decline, but buyers are still paying big bucks to purchase new properties.

A release from the Toronto Real Estate Board says the number of residential properties sold in August was down nearly 35-percent from the same month last year, but the average price was up modestly.

For all home types, the average price was just over $732-thousand, up 3 percent from August of 2016.

At the same time, the number of new listings entered into the board’s Multiple Listing Services was down 6.7 per cent from a year ago and the lowest for an August since 2010.