The benchmark price across all home types was $606,700 for July 2024, similar to last month and nearly eight per cent higher than in 2023
The Calgary Real Estate Board says July home sales dropped 10 per cent year-over-year as 2,380 properties were sold.
The board says the benchmark price across all home types was $606,700 for July, similar to last month and nearly eight per cent higher than last year.
Ann-Marie Lurie, chief economist at CREB, says while the Calgary market struggles with supply of lower-priced homes, more options in both the new and resale markets have helped dampen the pace of home price growth.
She says the results are in line with expectations for the second half of the year and if inventory continues to rise, it will result in more stable home prices.
The board says July inventory levels topped 4,000 units for the first time in nearly two years but still remains 33 per cent below typical July levels.
CREB says while the highest supply growth was seen for homes priced above $600,000, the rise has helped shift away from the extreme sellers’ market seen in the spring.
The availability of detached homes priced under $600,000 fell by 50 per cent, leading to an eight per cent decline in sales in lower price ranges.
Meanwhile, semi-detached homes remained relatively more affordable in Calgary, with prices in this segment rising most in east and northeast Calgary.
“While sales did slow slightly compared to last year, year-to-date sales reached 1,518 units, six per cent higher than last year,” CREB said in a written statement. “The growth in sales was possible thanks to gains in new listings.”
The row housing sector is a seller’s market, according to CREB, but price hikes were tempered by rising supply. Still, prices are 15 per cent higher in 2024 compared to 2023.
Condo sales dropped significantly due to constrained supply of apartment-style homes under $300,000.
“Limited supply choices for the lower-priced units prevented stronger sales activity,” CREB said.
Airdrie saw a record-high number of new listings, with 287 units added in July. However, sales also slowed, helping to boost inventory.
July homes sales in Cochrane rose when compared to 2023, some eight per cent higher year-to-date.
A slowdown in sales in Okotoks helped to boost inventory levels, although those remain very low compared to the typical number of homes available for sale in July, CREB said.
— With files from Postmedia