Huron Perth Association of REALTORS®

The number of homes sold through the MLS® System of the Huron Perth Association of REALTORS® totaled 165 units in July 2024. This was up by 10% (15 sales) from July 2023.

Home sales were 6.8% below the five-year average and 8.6% below the 10-year average for the month of July.

On a year-to-date basis, home sales totaled 980 units over the first seven months of the year. This was essentially unchanged, up just 0.7% (seven sales) from the same period in 2023.

“Sales activity continued to build momentum in July, while sellers came out in greater numbers than other July in history,” said Teresa Ondrejicka, President of the Huron Perth Association of REALTORS®. “Overall inventories are moving sideways at the moment due to a dead heat between the pace of demand and supply. With more interest rate cuts on the horizon, variable lending conditions are expected to continue easing through the remainder of this year and next, which will likely prompt more buyers to return to the market but may also bring out more sellers in response. On another note, local initiatives like the United Housing project and Milverton and Erie Street developments continue to move forward and promise to add a multi-dimensional array of new housing in our region.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $583,200 in July 2024, nearly unchanged, down only 0.6% compared to July 2023.

The benchmark price for single-family homes was $587,300, essentially unchanged, down just 0.9% on a year-over-year basis in July. By comparison, the benchmark apartment price was $488,000, increasing by 12.3% from year-ago levels.

The average price of homes sold in July 2024 was $642,303, a moderate gain of 5.1% from July 2023.

The more comprehensive year-to-date average price was $621,569, decreasing by 2.3% from the first seven months of 2023.

The dollar value of all home sales in July 2024 was $106 million, a gain of 15.6% from the same month in 2023.

The number of new listings was up sharply by 38.1% from July 2023. There were 337 new residential listings in July 2024. This was also the largest number of new listings added in the month of July in history.

New listings were 28.4% above the five-year average and 45.4% above the 10-year average for the month of July.

Active residential listings numbered 684 units on the market at the end of July, a substantial increase of 45.8% from the end of July 2023. Active listings haven’t been this high in the month of July in more than five years.

Active listings were 69.2% above the five-year average and 36.8% above the 10-year average for the month of July.

Months of inventory numbered 4.1 at the end of July 2024, up from the 3.1 months recorded at the end of July 2023 and above the long-run average of 2.8 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.