Looking back at the numbers for April, the Huron Perth Association of Realtors reported an increase in new listings coupled with moderate sales growth.
Home sales in April totaled 180 units, marking a 7.1% increase from the same period last year. While this growth is encouraging, it falls slightly below the long-term averages for the month.
While there has been a steady climb in housing demand, buyers have exhibited more caution compared to sellers – which may be linked to anticipation of potential interest rate cuts.
The market has seen a surge in new listings, with 351 residential properties hitting the market last month —a significant 37.1% increase from the previous year, and the highest level recorded for April in the past decade.
This surge in inventory, while providing ample options for buyers, has resulted in a rise in months of inventory to 3.5, up from 2.6 in April 2023.
The MLS Home Price Index indicates a 2% year-over-year increase in the overall benchmark price, reaching $562,300 in April 2024. However, the average price of homes sold saw a slight decline of 3.2% compared to the previous year, coming in at $628,473.
Written by: B. Shakyaver
