Thursday, August 5, 2021

Home Sales and Prices Are Levelling off, but Market Still Robust

 The London and St Thomas Association of REALTORS (LSTAR) reported 993 homes sold last month in its jurisdiction. "Even though this represents the second highest number of home sales recorded via LSTAR's MLS system for the month of July, this value is more in line with our pre-pandemic figures, which suggests that our market may be stabilizing," said LSTAR 2021 President Jack Lane.

LSTAR's overall average sales price was $614,913 in July 2020, 26.6% over the same period last year.

"July's average sales price was slightly lower than the year-to-date value, which reflects the moderating trend seen across the country, reinforcing, at the same time, the idea that our local real estate market is starting to level off. However, the high demand for housing and the historically low inventory levels that we are currently experiencing still make for a robust housing market, where the Sellers have the upper hand," Lane added.

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