Market shifts toward more balanced conditions in July
Hamilton, ON (August 1, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 797 sales across the region in July 2023, a decline of 292 sales over the previous month but a gain over levels reported in July 2022. The sales to new listings ratio fell to 44 per cent, with 1,840 new listings reported. The number of new listings increased relative to sales, causing inventories to trend up over the last month and levels reported earlier this year.
“Another rate hike likely weighed on sales activity this month. However, it also supported further inventory gains and more balanced conditions compared to earlier this year. Despite the monthly gains in inventory, supply remains below last year’s levels and long-term trends for July,” says Nicolas von Bredow, President of RAHB.
Months of supply rose to 2.9 months over the 1.8 months reported in June. The shift away from tighter conditions has paused price growth. The unadjusted benchmark price reached $873,600 in July, relatively unchanged over last month. Overall, prices remain much higher than pre-pandemic levels.
