Higher interest rates causing higher mortgage rates mean home sales are well below average in our region.
The Huron Perth Association of Realtors says there were 144 homes sold in October, down by 35.1 per cent from the same time last year.
Total home sales for the first ten months of this year, compared to the same time frame in 2021, were down 18.8 per cent.
Meanwhile, the number of new listings on the market rose almost 21 per cent, year over year, making it the largest number of new listings added in October in over 5 years,
“Sales activity is still running well below typical levels for this time of year and will likely continue to do so into next year as the full effects of higher interest rates vis-à -vis higher mortgage rates work their way through the housing market, and buyers and sellers continue to adjust to a new pricing environment,” said Julie Heitbohmer, President of the Huron Perth Association of Realtors. “With new supply holding up very well and demand remaining subdued, overall supply levels have finally had a chance to move up from their rock-bottom levels at the end of last year. This is not to say inventories are back at normal levels, in fact they are still quite far below, but this is at least some good news for potential home buyers once they decide to return to the market compared to the frenzy we’ve seen over the past two years.”
The average price of homes sold in October 2022 was $581,497, a slight drop of 0.8% from October 2021.
