Canadian home sales fall further in July!

Highlights 

• National home sales fell 2.1% from June to July 
• Actual (not seasonally adjusted) activity in July stood 11.9% below last July's level
• The number of newly listed homes edged back by 1.8% from June to July 
• The MLS Home Price Index (HPI) was up 12.9% year-over-year in July 2017
• The national average sale price edged down by 0.3% year-over-year in July 

There were 5.2 months of inventory on a national basis at the end of July 2017, the highest level since January 2016. This was up from 5 months in June and up by more than a full month from where it stood in March.
 
"July's interest rate hike may have motivated some homebuyers with pre-approved mortgages to make an offer," said CREA President Andrew Peck. "All real estate is local, and realtors remain your best best source for information about sales and listings where you live or might like to."
 
If you have any questions about today's market, or real estate in general, contact me today!!
 
 Mike Mossuto