Home sales and prices in Chatham-Kent dropped significantly in the month of June.
The Chatham-Kent Association of Realtors (CKAR) reported on Thursday that 101 homes were sold last month, a drop of 45.7 per cent from June 2021.
CKAR also said 752 home were sold in the first half of the year, which is a sharp decrease of 16.2 per cent from the same period last year.
"Home sales posted another year-over-year decline in June, continuing the moderation that began earlier this year in March. The outsized year-over-year decline in June is only partially a result of dampened activity this year – the rest of the magnitude stems from the abnormally high record set in the same month last year," said CKAR President Amber Pinsonneault. "New listings are coming back onto the market in stronger numbers as the year progresses. Combined with weaker demand, this is lifting overall inventories from their rock-bottom levels and allowing the market to rebalance itself. However, much uncertainty lies ahead regarding future interest rate increases and what impact these will continue to have on the housing market and even the economy."
The realtors association said the average price of a home sold last month was $429,367, an increase of 5.5 per cent from a year ago, but lower than the average price of $475,985 reported in May.
On the bright side, the number of new listings jumped 14.6 per cent from June of 2021. There were 259 new residential listings last month, according to CKAR, which was the largest number of new listings added in the month of June in more than a decade.
The association said there are 283 homes for sale at the end of June, up sharply by 82.6 per cent from the end of June 2021, adding active listings haven't been this high in the month of June in five years.
