Home sales were lower again in Calgary last month while prices continued to edge higher.
Data from the Calgary Real Estate Board shows 1,637 sales citywide, down 6% from a year earlier but year-to-date activity was 9% above the same period of 2016 with 11,957 units sold.
- “Sales growth exceeded expectations so far this year. Clients were re-entering the market after delaying decisions until there were some signs of economic improvement,” said CREB® president David P. Brown.
Listings increased to 6,675 units, 4.68 months of supply, which is 17% above the level of July 2016.
Prices increased to a median $419,000 across the CREB region and the average price was $476,232. While edging higher, prices remain below the previous monthly highs.
“However, current inventory levels and changes in the lending market continue to weigh on housing demand. Easing demand growth combined with elevated levels of supply will slow the pace of price recovery in our market,” said CREB chief economist Ann-Marie Lurie.