August 4, 2022
President Meredith Kennedy reported 700 transactions through the MLS® System in July. This represents a 36.5 per cent decrease in sales when compared to last year. The number of new listings in Durham Region was 1,461 in July, a 14 per cent increase on a year-over-year basis.
Market conditions are balancing compared to earlier this year and buyers are benefiting from options. Durham Region has many neighbourhoods and communities with ideal options for buyers. The number of days on market increased to 15 days in July, a 25 per cent increase compared to last month. This is important to note as an increase allows time for home inspections, financing, showings and other conditions key to a successful transaction.
The average selling price in Durham Region was $901,412, a slight decrease from the previous month. The average selling price in Durham’s Oshawa market was $765,039. The MLS® Home Price Index (HPI) Composite Benchmark was up 12.5 per cent year-over-year reaching $995,500.
“Although we are seeing a decline in sales in Durham Region, it is important to note we are moving towards a balanced market,” said President Meredith Kennedy. “July is historically a slower month and with less restrictions on travel, there seems to be a break from the fast-past market we have been previously experiencing.”
“Higher borrowing costs have impacted the housing market resulting in cooling prices, but the largest long-term issue remains supply. Low housing supply, a growing population and demand for homeownership continue to put pressure on the market,” stated DRAR CEO Wendy Giroux.
The population in Durham Region continues to experience strong growth trending upwards. The Region saw an 8 per cent increase from 2016 to 2021 with Clarington leading the municipalities with a 10.2 per cent increase.
“The housing market is an important factor driving the economy and the supply issue needs to remain top of mind for all levels of government especially with the upcoming fall municipal election,” said CEO Giroux.
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