MODEST INVENTORY GAINS CONTINUE TO KEEP CONDITIONS BALANCED
Hamilton, ON (July 5, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,115 sales in June. This represents a decrease of 182 units sold over the previous month. Despite the month-over-month decline, sales are up 19 per cent over last year. The monthly pullback in sales was not met with the same level of pullback in new listings, which supported some modest inventory gains over the previous month. Still, inventory levels remain more than 20 per cent lower than long-term trends for June. The increase in new listings caused market conditions to ease slightly compared to the previous three months.
“Low inventory has been a challenge throughout the past several months. Inventory levels may continue to slowly increase as buyers pause to evaluate the impacts of recent interest rate adjustments,” says Nicolas von Bredow, RAHB President.
Following five consecutive months of price gains, the unadjusted benchmark price across the RAHB market area decreased 0.45 per cent over last month to $873,100. This is a relatively insignificant decrease and remains much higher than pre- pandemic pricing.
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