Calgary’s December home sales down 31% from last year, says real estate board IG News

Irshadgul News report,

The Calgary Real Estate Board says home sales in the area ended the year at a record high, although December sales fell 31 per cent from a year ago.

The board says it capped the year with 29,672 sales, including 1,204 last month.

December’s drop in sales wasn’t enough to offset gains made earlier in the year, when homes changed hands at a faster rate.

However, the month was marked with higher prices. The board found that the median home price rose five percent from last year to $451,250, while the median price rose four percent to $495,231 and the benchmark price rose eight percent to $518,800.

Meanwhile, December’s new listings amounted to 1,031, down 16 per cent from last year.

The board’s chief economist Ann-Marie Lurie says the sector’s inventory stands at 2,214 units, making it the lowest level of inventory for December in more than a decade.

“Housing market conditions changed significantly throughout the year, as sales activity slowed following a sharp rate increase in the latter part of the year,” he said in a news release.

“However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which has has prevented a more significant adjustment in prices this year.”

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