|
In July 2023, 640 homes were
sold via the MLS® System of the London and St. Thomas Association of
REALTORS® (LSTAR), 19.6% more than in the seventh month of last year. The
local housing supply increased from 2.2 months of inventory in June to
2.9 months in July. During the same period, 1,333 new listings came on
the market, up by 8.2% over 2022. "In July 2023, LSTAR's overall
sales-to-new-listings ratio sat at 48%, indicating a fairly balanced
market," said 2023 LSTAR President Adam Miller.
"The higher borrowing
costs triggered by Bank of Canada's latest hike in its benchmark interest
rate barely put a dent in July's home sales and prices," Miller
noted. "This speaks not only to the local market's appeal and
resilience, but also to the huge demand for housing sparked by the
increased immigration, which, according to a recent study, reached
unprecedented levels in the last twelve months," he added.
In July, the average price of a single-family home located in LSTAR's jurisdiction stood at $734,234, while that of a condo townhouse was $546,569. The average price of an apartment sat at $383,647.
|
No comments:
Post a Comment