The chair of the London St. Thomas Association of Realtors says the numbers suggest the local housing market is "leaning in favour of homebuyers."
Adam Miller made the comment amid the latest release of home sales figures for the London area. According to the London St. Thomas Association of Realtors (LSTAR), 488 homes changed hands in October. That represents a slight increase from September, but also a slight drop from October of 2022.
Overall housing supply stayed relatively stable in October with an inventory of 4.3 months, compared to 4.4 months in September. But the number of new listings was 1,232, a record high for October.
"In this setting, local homebuyers find themselves with a wealth of choices and a little extra breathing room in their property search. However, some of them are opting to play the waiting game, keeping a close eye on interest rates and wondering if they've truly reached their peak or if they still have room to grow,” Miller said.
The average home price in the London area last month was $629,605. That is down from $633,848 in September.
"Compared to provincial and national benchmarks, homes within the LSTAR jurisdiction maintained their reputation for affordability, making our region an appealing housing market for many," Miller said.
