There was not much change seen in the local housing market last month.
Recent figures from the London and St. Thomas Association of Realtors (LSTAR) show that 640 homes exchanged hands in July, down from 745 in June and 846 in May.
LSTAR President Adam Miller said despite higher borrowing costs triggered by the most recent Bank of Canada interest rate hike last month, sales and prices remained balanced.
"This speaks not only to the local market’s appeal and resilience, but also to the huge demand for housing sparked by the increased immigration, which, according to a recent study, reached unprecedented levels in the last twelve months," said Miller.
There were 1,333 new listings added across the region in July, which is approximately 4.5 per cent lower from June. Inventory levels last month tipped slightly to 2.9 months from 2.2 in May 2023.
LSTAR data shows the average price of a home sold last month dropped marginally to $668,821. A $7,100 decrease from June, and just two per cent lower than the May 2023 average of $682,561.
When it comes to buyers' preferences, the single-family home remained the most sought after dwelling type in July, with 471 homes exchanging hands. Condos and townhomes were next with 110 units sold, while 51 apartments purchased.
Those who purchased single-family home in the London-region in July paid an average of $734,234 for their house. Townhouses and apartments were significantly more affordable for buyers last month, who spent on average $546,569 and $383,647 respectively, according to LSTAR.
London and St. Thomas overall rank as a relatively affordable place to buy a home in the country ranking 16th out of 22 cities and regions. The Ottawa region comes just ahead of London in terms of cost, while Huron-Perth sits behind.