Home prices are down in Huron Perth, but sales numbers are up.
The Huron Perth Association of Realtors reports the MLS® Home Price Index composite benchmark price was $570,100 in June 2023, a substantial decline of 11.8 percent compared to June 2022
However, the 210 home sales in June was a 12.3 percent increase over the same month last year. Home sales for the first half of the year are up by 11.4 percent over the same period last year, with 947 units changing hands.
The dollar value of all home sales in June 2023 was $145.2 million, a gain of 14.4 percent from the same month in 2022. This was also a new record for the month of June.
“Home sales kept up the momentum from May’s surge in activity and also posted a year-over-year gain in June, almost coming back in line with the long-term averages for this month,” said Bob Heimpel, President of the Huron Perth Association of REALTORS®. “We’ve been fortunate enough to see a very solid showing in new listings coming onto the market, with sellers now confident enough to come back in large numbers after shying away during the period of rapid interest rate increases. Despite the strong influx of new supply, the appetite in demand is still drawing down inventories and continues to drive a modest rebound in prices.”
The number of new listings was down sharply by 18.8 percent from June 2022. There were 320 new residential listings in June 2023. New listings were 4.5 percent above the five-year average and 6.1 percent above the 10-year average for the month of June.
