Home sales in the Southern Ontario market of Grey Bruce Owen Sound hit a new record high for the month of July.

There were 314 units sold by members of the Realtors Association of Grey Bruce Owen Sound last month and sales for the year-to-date were up 8.6% year-over-year to 1,878.

The average selling price of homes was $298,380, up 13.3% year-over-year while the number of new listings was up 0.7% to 415 units.

The number of months of inventory stood at 2.9 at the end of July, down from 5.5 months a year earlier and well below the long-term average for this time of year.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: