Our local home price average is up again in June but inventory is beginning to grow as sales slow.
The inventory of homes for sale in Red Deer has remained below 2 months-of-inventory but this month, with slower sales inventory has increased. Higher inventory in a “balanced market” is healthier for almost everyone. Even though really low inventory encourages higher prices for sellers it can skew a market with homes selling higher.
As inventory increases we should see home prices relax. The average price did increase in June.
The number of detached homes sold in June was down 14% but other property sales were up 14%.
We’ll still see reasonable sale for a number of months as buyers try to purchase before interest rates increase more.
Check-in each month to see the market snapshot at www.iOnRealEstate.ca.