November 8, 2022 at 1:02 pm
Home sales in Huron Perth fell more than 31 per cent in October compared to last year.
The Huron Perth Association of Realtors reported that October home sales were 23.6% below the five-year average and 21.2% below the 10-year average.
In October 2022, the number of homes sold through the MLS system in the region totaled 144. The board said sales activity was well below typical levels and expected to continue into next year. The decline was blamed on higher mortgage rates and price adjustments.
This means that overall supply levels finally have a chance to recover from their lowest levels late last year. There were 237 new listings in October 2022. It was the largest number of new listings in October in more than five years. Compared to last year, new home sales listings increased 20.9%.
In October 2022, the MLS Home Price Index composite benchmark price was $544,700, down 0.1% from October 2021.