New listings were up and prices were down, but still home sales dropped in August for the Huron Perth region.
The Huron Perth Association of Realtors reported 138 units were sold last month, down 29 compared to July. That number also represented an 11.5 per cent decrease compared to August of 2022.
The overall MLS Home Price Index composite benchmark price was $571,500 in August, a decrease of over $11,000 from July.
The association also reported 285 new residential listings last month, the largest number of new listings added in the month of August in more than 15 years.
"Usually, a stronger influx of new supply boosts sales activity so it’s a bit of a surprise as to why demand took such a large step down last month," said association president Bob Heimpel. "We’re going to keep a close eye on where sales trend over the next few months to see if this is the beginning of a new direction or just a one-off in the second half of the summer."
