It's a promising sign for those looking to purchase a home in the London area.
The latest figures from the London St. Thomas Association of Realtors (LSTAR) show that the local housing market continued to cool off last month as the housing supply made another steady gain.
"With rising interest rates, July saw home sales activity continue to slow down," said 2022 LSTAR President Randy Pawlowski. "Inventory has increased, showing more signs of a balanced market.
Pawlowski added that LSTAR's housing supply went up to 3.6 months of inventory in July, compared to June's 2.8 months worth of inventory. He said July 2022 is in line with inventory recorded during July 2014 and 2015.
Average home prices also fell slightly in July with an average sale price of $667,323, a 2.7 per cent difference from June's average sale price. Compared to July 2021, this month's figure is still 7.1 per cent higher.
A total of 514 homes sold in July, a difference of 149 from June. Houses in Middlesex Centre had the highest average price tag attached to them averaging for $1,047,045 in July, while homes in east London sold for a modest average of $$559,189.
This table shows average home sales prices in July 2022 for LSTAR’s main regions compared to benchmark prices. Table by LSTAR.