Last month, 569 homes exchanged
hands via the MLS® System of the London and St. Thomas Association of REALTORS®
(LSTAR), 3.2% fewer than in August 2022. During the same period, 1,212 new
listings came on the market, 13.2% more than in the eighth month of 2022. The
local housing supply saw a slight increase from 2.9 months of inventory in July
to 3.4 months in August.
"In August, the local real
estate market experienced a lull, with home sales hitting their lowest point
since 2014. Whether that was just a simple summer lull or a direct effect of
the Bank of Canada's mid-July decision to raise interest rates and their
messaging about the lingering above-target inflation, that remains to be
determined by the real estate activity we'll see in the next few months,"
said 2023 LSTAR Chair Adam Miller.
With new listings outpacing sales,
LSTAR's overall sales-to-new listings ratio fell to 46.9% in August. "This
gave buyers more options and slowed the rate of price growth in our area,"
Miller added.
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