According to the Cornerstone Association of Realtors (CAR), 804 homes were sold in the Hamilton-Burlington area last month through MLS.
This resulted in a six percent year-to-date decrease in sales. Despite the overall decline in sales for the Hamilton-Burlington market area, July’s Niagara North sales were similar to the previous year.
Continued Decline in Sales Below Long-Term Trends
“For the third consecutive year, sales have remained below long-term trends. However, we are seeing an increase in new listings. Some existing homeowners are listing their properties due to the possibility of higher renewal rates, leading to an increase in supply levels,” said Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
In July, new listings outpaced sales, resulting in a sales-to-new-listings ratio of 42 percent. Inventory levels are similar to the previous month and higher than last year, with months-of-supply exceeding four months for the first time since 2010.
Increased Supply Leads to Lower Prices
The rise in supply gives buyers more options and continues to drive down home prices. The unadjusted benchmark price is currently at $843,500, nearly one percent lower than June and three percent lower than July 2023.
Although prices are below the peak of 2022, they are still higher than pre-pandemic levels, and year-to-date average benchmark prices are slightly lower than last year.
Read the full report for more details, and view other CAR market statistics here.
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