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Housing sales slow for sixth straight month

Image supplied by Fort McMurray Realtors®

Fort McMurray Realtors® have released their monthly sales update for the month of November.

The agency reported sales activity has slowed for the sixth consecutive month compared to levels reported at this time a year ago.

“The declines were enough to offset the earlier gains as year-to-date sales eased by four per cent. Recent job losses and higher interest rates are factors weighing on housing demand.”

It’s a similar forecast shared in the previous update Realtors® shared a month ago.

READ MORE: Realtors® report dent in October housing sales

In November, there were 56 total residential sales, showing a 43 per cent decline year-over-year.

That includes 33 sales of single-family detached homes, which is about half of the property type sold at the same time in 2021.

However, inventory increased thanks to more new listings available to market.

120 new listings, including 71 single-family detached houses and 21 apartments, were posted last month.

Realtors® said there is more than eight months worth of inventory, showing a more than 36 per cent increase year-over-year.

“While inventories are higher, they do remain below the elevated levels seen prior to the pandemic.”

The agency said inventory would also place downward pressure on home prices.

Year-to-date numbers show the average price of a single-family detached home is $546,830 and semi-detached sold at $389,327.

Townhomes sold on average at $229,500, which is 19 per cent higher, and mobile with land showed a price drop of about 17 per cent at $235,431.

The average sale of apartments is $117,962 so far this year, an increase of 15 per cent.