The local housing market
continued its steady streak in June, with 745 homes exchanging hands via
the MLS® System of the London and St. Thomas Association of REALTORS®
(LSTAR). Housing supply increased from 1.7 months of inventory in May to
2.2 months of inventory in June, showing signs of market
“The sales activity in June is consistent with the activity
from the last several months,” said 2023 LSTAR President Adam Miller.
“This happened despite another interest rate hike last month. Halfway
through the year, the sales demonstrate the strong demand for home across
the region, which is very encouraging.”
The overall sales-to-new
listing ratio for LSTAR was 52.7% in June, slightly down from 60.6% in
May. According to the Canadian Real Estate Association (CREA), a ratio
between 40% and 60% is generally consistent with a balanced market.
"Although the data indicates a more stable marketplace, it's
important to remember that every home transaction is unique," Miller
said. "Depending on what the Bank of Canada decides to do during its
July 12 announcement, your local REALTOR® can provide the necessary
support on navigating the evolving environment, with real-time data and
The June average home price was $675,923, slightly down from $682,561 in
May. The composite MLS® Home Price Index (HPI) Benchmark Price was
$626,200, up from $619,800 in May.