Home sales, listings down, prices soar year-over-year in Hamilton

The Realtors Association of Hamilton-Burlington (RAHB) says high demand and low inventory continue to drive home prices.

RAHB says there were 1,275 sales of residential properties within the local market area last month.

That’s a 20 per cent drop compared with July 2020.

New listings were down by 24 per cent over the same period.

The average price for residential properties reached $847,104 last month, up another 22 per cent, year-over-year.

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“Since the pandemic began, the RAHB market area has been anything but predictable and each new month has brought historic highs and lows,” said RAHB president Donna Bacher.

“We are seeing the number of sales and active listings slightly decrease compared to the previous four months, which is inline with seasonal trends,” Bacher added. “We are continuing to experience high demand coupled with record low inventory in almost all property types which is driving sale prices.”