Home sales in Calgary dropped 27 per cent in August from a year earlier. The Calgary Real Estate Association says that 1,643 units were sold in the month, 12 per cent below ten-year averages. Persistently low oil prices were the main reason with the high-end homes suffering the largest slowdown. Overall unadjusted sales-to-new-listings ratio eased from 67 per cent in July to 60 per cent in August, contributing to a monthly rise in inventory levels to 5,146 units. Combined with weaker sales activity, months of supply pushed up to 3.13 months.
Despite weaker absorption rates, benchmark prices remained relatively stable, totalling $456,300 in August. In the apartment sector though prices were down 1.4 per cent year-over-year as unadjusted months of supply increased to 4.3 giving buyers more options.
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