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Home sales dip in July as interest rates weigh on housing market

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Home sales declined slightly in July from June, but climbed the most in over two years from the same time last year, CREA said. Read on.

Still, non-seasonal adjusted transactions soared 8.7 per cent compared to July 2022, marking the largest year-over-year national sales increase in more than two years. Similarly, the national average home price for the same period also made gains, reaching $668,754, or an increase of 6.3 per cent.

New listings were up 5.6 per cent on a month-over-month basis, building on gains seen in previous months, and moving off a 20-year low in March to a level closer to average. CREA expects buyers will stay on the sidelines until the path of interest rates becomes more certain.Article content “We certainly have noticed demand temper a bit now,” Ash said. “So I think as we move forward into September, we’re going to see a levelling off of pricing across the country.”

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Home sales dip in July as interest rates weigh on housing marketHome sales declined slightly in July from June, but climbed the most in over two years from the same time last year, CREA said. Read on.
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