We trust you are enjoying a fabulous summer and had a chance to spend time with family and friends.
Overall the average sale prices and inventory are up, albeit number of sales are down year over year. Market conditions remained balanced in July compared to a year earlier.
Despite the sales being down year over year, there is still a lack of housing when we take into account the long-term population growth given the anticipated immigration into the country.
Less expensive home types, including condo apartments, experienced stronger price growth as more buyers purchased lower priced homes to help mitigate the higher borrowing costs.
We are expecting an interest rate hike in September. If you are a buyer considering a move, now is a great time to purchase or lock in you rate for 120 days. There are many opportunities with the inventory currently on the market.
If you are a seller planning to list your home this fall season, now is the perfect time to start prepping your home so that it is ready.
We wish you a fantastic rest of the summer!