Detached home sales dipped again in September with pressure from higher interest rates.
Detached home sales in Red Deer, up until March this year were up 21 of 22 months in a row. That’s a long stretch but since then we’ve witnessed less consistency.
Since March, detached home sales have been lower in 4 of the last 6 months. I mentioned in last month’s post that since April, sales were down 1.5% but still 1.8% up in 2022 overall. After September’s low sales those numbers are worse.
Since April, detached home sales are 5.7% lower than in the same months last year, but overall this year they are only down 1.6%
Are we seeing a market slow down? Yes, and it’s mostly due to higher borrowing rates.
Attached homes – townhomes, apartment condos, semi-detached.
Attached home sales have been much higher this year and it’s due to detached homes being more expensive and the higher interest rates pushing buyers toward lower-priced homes.
Up until this month attached homes sales were averaging about 40% higher monthly than last year but in September they were only up 4.8%. Sales have slowed substantially in both segments.
Overall home sales
With 4 of the last 6 months having lower sales than last year, we might be seeing a trend. Detached home sales in Red Deer were lower in Sept and attached home sales were higher. However, with sales of detached homes so much lower in Sept, home sales were down 27% overall.
Overall, 2022 home sales in Red Deer are still 8.7% higher than they were in 2021. With sales slowing we might see that number decrease as we close out the year.
Hosted by Blake King Realtor® and Big Earth Realty. Blake continually monitors the Red Deer and Central Alberta real estate market to track changes and watch trends so he can help his clients make the most informed decisions, buying or selling. If you want to learn more about how local market stats impact your next real estate transaction call or email Blake anytime (403) 350-7672 or firstname.lastname@example.org