Realtors report housing market moving ‘into balance’

Home sales in the Regina area last month were close to the totals from July of 2018 — but they remain well below the five- and 10-year averages for the month.

According to a report by the Association of Regina Realtors, there were 314 homes sold in the Regina area in July. That was comparable to the 319 sales recorded in the area in July of 2018, but below the five-year average of 329 and 10-year average of 347.

There were 254 sales in Regina itself, which was an increase from the 240 that were recorded in July of 2018. But the 2019 total also was below the five-year average of 284 and 10-year average of 261.

“Although sales for the city are below five- and 10-year averages, they have jumped over numbers posted in July of ’16, ’17 and ’18, which is good news for the overall market,” Rob Reynar, manager of operations of the Association of Regina Realtors, said in a media release. “The market appears to be swinging more into balance as we continue through the summer months.”

So far this year, 1,587 homes have been sold in Regina — an increase of 4.8 per cent over last year.

The association’s study of home prices in the city showed an average of $269,400 last month, down more than four per cent from the average of $281,900 in July of 2018.

“This reflects a general downward trend, indicating downward pressure on home prices due predominantly to elevated supply levels and lower levels of demand,” the association wrote in a media release, noting the average price in Regina is down 9.6 per cent from five years ago.

There were fewer homes on the market at the end of July this year than in 2018 — 1,624 listings this year compared to 1,751 last year — but that was still well above historical levels.

The association noted there was 6.3 months of inventory on the market at the end of July, a decrease from seven months last year.