Despite improving in recent months, Hamilton home sales continued to trend down year over year with inventory levels about 20 per cent lower than a traditional April, according to the local realtors’ association.
The Realtors Association of Hamilton-Burlington (RAHB) reported an 18.2 per cent drop in city sales compared to April 2022 with the average home price at around $806,809, down about 14 per cent from this time last year.
New listings were also down some 37 per cent over April of last year.
The city had 644 sales last month with 930 new listings coming into play, keeping levels relatively stable month over month.
Sales were down about 15 per cent year over year for the RAHB’s entire coverage area, which includes Burlington, Haldimand County and part of Niagara Region.
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The average home price rose about 11.7 per cent to around $888,773.
“The gains in lending rates impacted sales across the RAHB market area, but we also saw a shift come from existing homeowners who were also reluctant to sell their home,” RAHB President Nicolas von Bredow said in a release.
The average detached home price across the RAHB slipped April to April dropping 10 per cent to $1,022,042 with apartment-style homes dropping 12 per cent to $561,677.
In Hamilton, a detached home averaged $901,444 slipping 13.7 per cent and an apartment-type dwelling dropped 13.5 per cent to 497,248.
Ancaster, Waterdown and Flamborough have homes costing more than $1 million on average in the Hamilton area for April.
The lowest average prices for April are still in Hamilton Centre, where a home was around $566,988, down 15.3 per cent year over year.