Home sales in the Hamilton-Burlington, Ont., area were up three per cent year over year despite new listings still below traditional levels for May.
The Realtors Association of Hamilton-Burlington (RAHB) reported 1,254 sales across the region last month, while new listings plummeted 21 per cent to just over 2,000.
Month over month, the numbers looked better, with listings up 32 per cent compared with April, and sales up 12 per cent.
“Higher lending rates have impacted sales,” Nicolas von Bredow, RAHB president, said in a release.
“However, lower inventory levels are preventing the market from becoming oversupplied and are likely contributing to some of the recent monthly gains we are seeing in home prices.”
The price of an average home in the RAHB region was down about 10 per cent from May 2022 to $884,083.
In the city of Hamilton, the price was down nine per cent to $814,082, year over year.
About 750 homes changed hands in the city during May, up about one per cent from last year, despite a 25 per cent drop in new listings coming to the market.
The average detached home price across the RAHB slipped from 11 per cent to $991,365, May to May, with apartment-style homes dropping three per cent to $638,009.
In Hamilton, a detached home averaged $891,751 slipping 10 per cent and an apartment-type dwelling dropped 8.6 per cent to $529,759.
Dundas and Ancaster had homes costing more than $1 million on average in the Hamilton area for May.
The lowest average prices for May were still in Hamilton Centre, where a home was around $589,279, down 11.8 per cent year over year.