National average home prices are down nearly 2% from last year. CREA_ACI realestate realestatenews cdnpoli
National real estate activity continued to slow in June in the face of rising interest rates, leading to a 23.9% annual plunge in sales from last year’s record, and the first year-over-year price decline seen since the early months of the pandemic.reports a total of 40,107 homes sold last month, marking a 5.6% dip from May, at an average seasonally-adjusted price of $665,850 — down 1.8% annually, and by -4.3% month over month.
Market balance continued to improve as the pace of new inventory grew more than sales, helping ease the sales-to-new-listings ratio to 51.7%, its lowest level since January 2015, and below the long-term average of 55.1%. This ratio, which gauges the level of buyer competition in the market, reflects a balanced market between a range of 40 – 60%, with above and below that threshold indicating sellers’ and buyers’ markets, respectively.
That’s led to significant increases for both fixed and variable mortgage rates, the latter of which remain the most popular with homebuyers, says CREA’s Senior Economist Shawn Cathcart. He says that policymakers should take a second look at the current qualification thresholds in place for borrowers, such as the mortgage stress test.
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