Home sales in Huron Perth dropped by over 31 per cent in October compared to last year.
The Huron Perth Association of Realtors reports home sales were 23.6 per cent below the five-year average and 21.2 per cent below the 10-year average for the month of October.
The number of homes sold through the MLS System in the region totaled 144 units in October 2022. The board said sales activity is running well below typical levels and that is expected to continue into next year. The decline is being blamed on higher mortgage rates and pricing adjustments.
That means overall supply levels have finally had a chance to move up from their rock-bottom levels at the end of last year. There were 237 new residential listings in October 2022. This was the largest number of new listings added in the month of October in more than five years. Compared to last year, new home sales listings increased by 20.9 per cent.
The MLS Home Price Index composite benchmark price was $544,700 in October 2022, edging down 0.1 per cent compared to October 2021.