Calgary’s housing market is slowly recovering but it’s no easy journey.

The latest sales figures from the Calgary Real Estate Board show that 1,094 homes were sold in February, down 18% year-over-year; while prices were supported by a decline in new listings.

“Housing market conditions are still adjusting to rising lending rates and changes in lending requirements. This process is expected to be bumpy, with demand adjustments leading the changes,” said CREB chief economist Ann-Marie Lurie.

The citywide benchmark price was $434,300 up 0.21% from February 2017. The median price was $425,000, down 0.7% year-over-year, while the average price was up 2.58% to $493,173.

“This is a market where the fundamentals of a sound pricing strategy need to be understood by sellers. At the same time, savvy buyers typically have a clear understanding of how much of a mortgage they can get,” said CREB president Tom Westcott.

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