Prices soften in July offsetting earlier gains
Hamilton, ON (August 1 2024)–
In July, a total of 804 homes were sold in the Hamilton-Burlington area via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone), contributing to a year-to-date decline of six per cent. While year-to-date sales declined across the entire Hamilton-Burlington market area, Niagara North July levels were comparable to the same time last year.
“This marks the third consecutive year that sales have remained below long-term trends. At the same time, we are experiencing a gain in new listings. While rates are slowly coming down, for some existing owners the prospect of higher renewal rates is enough to cause them to list their properties, driving up supply levels,” says Nicolas von Bredow, Cornerstone spokesperson for the Hamilton-Burlington market area.
New listings in July rose relative to sales activity, causing the sales-to-new-listings ratio to ease to 42 per cent. Inventory levels are similar to last month and higher than last year. Months-of-supply pushed above four months. The months-of-supply has not risen above four months in July since 2010.
More supply choice has continued to place downward pressure on home prices this month. The unadjusted benchmark price was $843,500, nearly one per cent lower than in June and three per cent lower than last July. While prices are below the 2022 peak, they are still higher than levels reported prior to the pandemic, and year-to-date average benchmark prices are only slightly lower than last year.
