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Home sales increased in July; continue to stabilize market

Last Updated Aug 13, 2018 at 6:15 am MDT

Builders work on a new home in the Beacon Hills area after wildfires last year destroyed most of the neighbourhood in Fort McMurray, Alta. Friday, April 21, 2017. More than 500 families are living in newly built homes two years after a massive wildlfire roared through parts of Fort McMurry.THE CANADIAN PRESS/Todd Korol

Homes sold in the region saw an increase in July compared to the same time last year, according to Fort McMurray REALTORS®.

Sales of single family detached homes increased by 20.93 per cent, while mobile, apartment, townhomes and lot sales also significant increases.

The average price for a single family home was down by 14.41 per cent from $635,433 in 2017 to $543,837.

Vacant lots saw the biggest price decrease at 54.65 per cent, down from $188,631 to $85,552.

Overall the number of homes listed on the market is down by 29.4 per cent, from 823 homes for sale to 581.

Lower inventory levels will continue to help stabilize our market.