Higher-priced properties driving the decline in sales
Hamilton, ON (September 5, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) reported 795 sales in August, down 78 compared to last August when we saw 873 sales. The decline represents a year-to-date decline of 11 per cent. While sales have improved in the lower price ranges, they have not offset the declines driven by homes priced above $800,000.
“As expected, higher lending rates continue to impact sales, especially for higher-priced properties. But new listings have also slowed, keeping inventories in line with long-term trends. While conditions vary by location, property type and price range, we are shifting away from the overall tighter conditions experienced during the spring months,” says RAHB President Nicolas von Bredow.
Easing sales combined with relatively stable inventory levels caused the months of inventory to trend up to 2.9 months in August. Higher supply levels relative to sales activity likely weighed on home prices this month. In August, the benchmark price eased over levels reported last month, falling to $863,700, approximately $10,000 less than the previous month but still higher than the $857,900 reported in August 2022.
