Sales in June continued declining compared to the previous month and the same period last year. With 835 sales recorded this month, they remain below long-term averages and are consistent with the lower figures observed in recent years. This slowdown in sales is evident across all property types and in every area within the region.
New listings in June reached 2,048 units, a gain over last year and high enough relative to sales to contribute to further inventory gains. June inventory levels trended up over last month and were 54 percent higher than last year’s, which is well above long-term trends. Inventory levels rose across all price ranges.
“Higher interest rates and rising cost of living have impacted the housing market. Despite a recent rate reduction by the Bank of Canada, mortgage rates remain high, and potential buyers are likely waiting for further cuts or a shift in market conditions. Rising supply levels have reduced the sense of urgency experienced during the periods of low inventory, taking the pressure off home prices,” says Cornerstone Association of REALTORS® Spokesperson Nicolas von Bredow.
Gains in inventory relative to sales caused the months of supply to rise to nearly four months. Higher supply levels relative to sales took some pressure off home prices. In June, the unadjusted benchmark price was $849,900 a year-over-year decline of over two percent. Despite the decline, year-to-date the average benchmark price has remained relatively flat compared to last year.
So far this year, Flamborough and Dundas are the only areas where they have seen a gain in sales. However, the gain in new listings offset higher sales, causing year-over-year inventory gains. Inventory gains across the entire Hamilton region caused an increase in the months of supply, meaning market conditions are not as tight as last year.
July2024 MARKET REPORT BY PROPERTY TYPE
Year-to-date sales slowed across all property types. Detached homes represent the largest share of total sales at 66 percent, followed by row properties at nearly 20 percent. Both detached and row homes reported fewer new listings this month, preventing any significant gains in inventory levels over last month. The months-of-supply rose across all property types compared to last July, with detached pushing nearly four months. The apartment condominium sector reported the highest month-of-supply at over six months.
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