15 July 2010
Actual national sales activity was 19.7% lower in June 2010 compared to last year.
The number of newly listed homes declined by 6.8% from the previous month (decline in May was 4.8%). Such tendency can help maintain the balance between supply and demand.
The national average price of homes sold via MLS® increased by 4.9% on a year-over-year basis in June to $342,662.
At the end of June 2010 it would take 5.7 months in order to sell current inventories at the current rate of sales activity. This is up from 4.2 months one year ago, when the economic recovery just began.
“The housing market becomes more challenging for sellers,” said Georges Pahud, CREA President. “Buyers don’t in a rush to buy any more”.
“National home sales activity decreased because of fewer and more cautious first-time home buyers,” – said Gregory Klump, the Chief Economist. “The housing affordability and home sales activity will probably continue to erode over the second half of 2010”.