“RAHB AREA HOME PRICES TREND UPWARDS FOR THE FIFTH CONSECUTIVE MONTH SALES TO NEW LISTINGS RATIO KEEPS CONDITIONS BALANCED”
Via RAHB.
“The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,254 sales in May. This represents a 12 per cent increase in homes sold over the previous month and a three per cent increase in sales compared to May 2022. The three per cent year-over-year increase in sales was driven by stronger home sales in Hamilton, Niagara North and Burlington. New listings remain well below the levels traditionally reported this time of year. However, listings rose 32 per cent over the previous month, with 2,031 new homes listed in May.
With 1,860 units available in May, inventory remains lower than what was available last year and 25 per cent below long-term trends for the month. Rising sales and lower inventories caused the months of supply to fall from 1.7 months in May 2022 to 1.5 months this month.
‘Higher lending rates have impacted sales. However, lower inventory levels are preventing the market from becoming oversupplied and are likely contributing to some of the recent monthly gains we are seeing in home prices,’ says Nicolas von Bredow, RAHB President. ‘While prices remain below last year’s peak, the recent gains have helped support more confidence amongst both buyers and sellers.’
The unadjusted benchmark price in May was $877,100 across the RAHB market area. This is just shy of a one per cent price increase over the previous month and 11 per cent lower than May 2022. Even with the adjustments in 2022, May prices remain higher than levels reported throughout most of 2021.
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