While slightly more houses were put on the market last month, London-area home sales remained firm.
The latest figures from the London St. Thomas Association of Realtors (LSTAR) show a total 745 homes were sold in the area throughout the month of June, down from 846 in May, but up a hair from 723 sold in April.
"The sales activity in June is consistent with the activity from the last several months," said 2023 LSTAR President Adam Miller. "This happened despite another interest rate hike last month. Halfway through the year, the sales demonstrate the strong demand for homes across the region, which is very encouraging."
Just over 1,400 properties were listed for sale in June, a little more than a 1 per cent increase from last month, but an 18 per cent decrease compared to June 2022. Inventory levels last month increased to 2.2 months from 1.8 in May 2023.
A total of 543 single-family homes exchanged hands, followed by 108 condo townhouses and 52 apartments.
LSTAR figures show the average price of a home in the region in June sold for $675,923, down only $6,637 from May. The average is almost par with the average sale price reported at the same time last year, which was $686,287.
Miller added that July's statistics may impact July's buying decisions as the Bank of Canada is set to make another interest rate announcement on July 12. Rates rose by 0.25 per cent after a four month pause. The current overnight lending rate now sits at 4.75 per cent.
London and St. Thomas continue to remain relatively affordable when it comes to home prices. The Ottawa-area comes just ahead of the region with average prices of $652,7000, while Huron-Perth comes behind at $570,100. Oakville and Milton currently sits as the most expensive place to buy a home in Canada with an average sale price of $1.3 million.
