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Regina home sales take a hit in June: Association of Regina Realtors

Regina and area homes sales in June were below both 2018 and long-term averages, according to the Association of Regina Realtors. File / Global News

Home sales in Regina and area dropped in June when compared to 2018 and long term averages.

The Association of Regina Realtors released the numbers on Wednesday.

Across all geographic areas, there were 299 sales reported last month, the lowest it’s been since 2005 when 298 homes were sold.

The amount sold in June is well below the five-year average of 393 and the 10-year average of 391.

READ MORE: Home sales in Regina rise slightly to start 2019

In Regina alone, there were 248 sales, down 12.7 per cent from 2018. The city average is 308 over the past five years and 319 over the last 10 years.

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“After a comparatively good start to the year up to April, sales levels in May and June were very disappointing, falling well below historical levels,” said Gord Archibald, CEO of the Association of Regina Realtors.

“These two months are typically two of the strongest each year, but that was not the case in 2019.”

Archibald said there are a couple of factors that have caused a drop in sales.

READ MORE: Royal LePage expects Regina housing prices to drop nearly 5% in 2019

“The effects of weaker economic growth coupled with federal policy making it more difficult for buyers to qualify for financing has dampened demand and the number of sales,” Archibald said.

“On the other hand, there is plenty of choice of listings and prices are lower than five years ago for buyers.”

Since the beginning of 2019, there have been 1,592 home sales in Regina and area, a 1.3 per cent increase from 2018.

In Regina, there have been 1,335 sales so far in 2019, up 4.8 per cent from the same period a year ago.

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