Association of Interior REALTORS® - Kamloops Branch MLS® home sales continue to decline in July
The number of homes sold through the MLS® System of the Association of Interior REALTORS® - Kamloops Branch totaled 203 units in July 2022. This was down sharply by 38.1% from July 2021.
Home sales were 30.7% below the five-year average and 31.3% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled 1,858 units over the first seven months of the year. This was a substantial decrease of 22.7% from the same period in 2021.
“Sales activity dropped to its lowest July level in over a decade as rising interest rates have dampened affordability for many would-be buyers,” said Lyndi Cruickshank, President of the Association of Interior REALTORS® - Kamloops Branch. “New listings are still continuing at a healthy clip so the market is well supplied, and overall inventory has finally risen from their rock-bottom levels of just a few months ago. When the market reaches an equilibrium after the dust settles on the remaining rate hikes over the remainder of the year and sellers adjust their price expectations, it will be a slightly different market that buyers return to compared to now but one with more ample options.”
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 $626,000 in July 2022, a gain of 18.8% compared to July 2021.
The benchmark price for single-family homes was $712,100, up by 17.6% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $559,600, a substantial increase of 32.4% compared to a year earlier, while the benchmark apartment price was $395,300, a sizable gain of 22.4% from year-ago levels.
The average price of homes sold in July 2022 was $659,575, a sizable gain of 15.1% from July 2021.
The more comprehensive year-to-date average price was $661,656, increasing by 21.5% from the first seven months of 2021.
The dollar value of all home sales in July 2022 was $133.9 million, a sharp decrease of 28.8% from the same month in 2021.
The number of new listings was up sharply by 32.8% from July 2021. There were 482 new residential listings in July 2022.
New listings were 7.6% above the five-year average and 3.1% above the 10-year average for the month of July.
Active residential listings numbered 1,069 units on the market at the end of July, a substantial increase of 49.9% from the end of July 2021.
Active listings were 3.2% below the five-year average and 31.3% below the 10-year average for the month of July.
Months of inventory numbered 5.3 at the end of July 2022, up from the 2.2 months recorded at the end of July 2021 and below the long-run average of 5.4 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.
BOARD & ASSOCIATION INFORMATION
Association of Interior REALTORS® - Kamloops Branch branch is the professional, member-based association for more than 300 REALTORS® in Kamloops and surrounding communities.
Association of Interior REALTORS® - Kamloops branch