Scattered home prices throughout October for Southern Interior

Home prices and sales throughout the Southern Interior are matching current weather patterns: Mixed.

This week, the Association of Interior Realtors released its monthly housing statistics and benchmark prices, along with sales, are fluctuating from region to region.

For example, in the Central Okanagan, the average home price is pegged at $1,025,700. That’s up $19,000 from September, but sales dipped slightly to 111 from 116 in September.

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It’s also down considerably from 157 units sold in August, when the price was $1,068,600.

“While we typically do see market activity ease up as the weather cools, the high cost of borrowing seems to be propelling a speedier seasonal slowdown than usual,” said AIR president Chelsea Mann, who added that “buyers and sellers are left waiting in the wings despite high demand with the hope of seeing some interest rate relief on the horizon.”

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Mann also said “the impact of qualifying for mortgages seems particularly impeding to rate-sensitive buyers as they struggle to secure financing. It is more important now than ever that buyers get pre-approved ahead of their house-hunting efforts to ensure their expectations can align with their needs.”

In the North Okanagan, the benchmark price of a single-family home rose as well, to $755,400 in October from $728,100 in September.

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Regarding sales, though, unlike the Central Okanagan, the North Okanagan saw an increase of 74 homes sold, up from 43 in September.

In the South Okanagan, the benchmark price of a single-family home fell to $741,800 from $762,000 in September — though the number of units rose to 54 from 50.

Lastly, in the Shuswap and Revelstoke region, the benchmark price for a home in October was $703,300, up considerably from $666,300 in October. Notably, though, sales fell to 33 from 39.

Here are the average benchmark prices of homes, townhomes and condos throughout the Southern Interior, with September prices in brackets:

Shuswap / Revelstoke

• Single-family home: $703,400 ($666,300)
• Townhome: $541,400 ($524,800)
• Condo / apartment: $431,400 ($399,900)

North Okanagan

• Single family home: $755,400 ($728,100)
• Townhome: $564,700 ($549,800)
• Condo / apartment: $345,800 ($321,500)

Central Okanagan

• Single-family home: $1,025,700 ($1,006,300)
• Townhome: $739,100 ($762,100)
• Condo / apartment: $517,300 ($481,100)

South Okanagan

• Single-family home: $741,800 ($762,000)
• Townhome: $508,200 ($545,400)
• Condo / apartment: $447,300 ($450,400)

One year ago, the benchmark price for a single-family home in the Central Okanagan was $997,000. In the North Okanagan, it was $721,500; $673,000 in the Shuswap and Revelstoke; and $746,500 in the South Okanagan.

The Association of Interior Realtors’ statistics for October and for September are available online.

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