New Brunswick Real Estate Board

The number of homes sold through the MLS® System of the New Brunswick Real Estate Board totaled 999 units in June 2024. This was a slight reduction of 0.2% (two sales) from June 2023.

Home sales were 13.9% below the five-year average and 4.1% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 4,596 units over the first six months of the year, a 2% increase from the same period in 2023.

At the local level home sales activity posted an increase in Northern and Valley Regions (6.4%) and Greater Moncton (1.2%) and recorded declines in Fredericton (-2.5%) and Saint John (-4.1%) on a year-over-year basis.

“MLS® home sales maintained their upward momentum in June, marking the sixth consecutive month-over-month increase. Despite this growth, the number of newly listed properties declined slightly from May, falling below the long-run averages,” said Mike Power, Chair of the New Brunswick Real Estate Board. “The MLS® HPI Benchmark Price also continued its upward trajectory, extending an unbroken streak of gains that began at the start of 2024. With new listings outpacing sales, the number of available homes rose slightly and is now in line with the 5-year average for the month. This sustained growth reflects the ongoing strength and resilience of the resale market in New Brunswick. Looking ahead, the market faces uncertainty with the possibility of one or two more rate cuts on the horizon. Only time will tell if the majority of buyers who have been sitting on the sidelines will re-enter the market when forward guidance is clearer.”

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 $308,100 in June 2024, up by 8.4% compared to June 2023.

The benchmark price for single-family homes was $308,500, an increase of 8.1% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $299,000, a gain of 17.7% compared to a year earlier, while the benchmark apartment price was $289,300, increasing by 18.1% from year-ago levels.

The dollar value of all home sales in June 2024 was $329 million, a minor increase of 3.5% from the same month in 2023.

The number of new listings rose 4.3% from June 2023. There were 1,414 new residential listings in June 2024.

New listings were 11.3% below the five-year average and 15% below the 10-year average for the month of June.

Active residential listings numbered 3,211 units on the market at the end of June, increasing by 11.5% from the end of June 2023.

Active listings were 2.2% below the five-year average and 39.4% below the 10-year average for the month of June.

Months of inventory numbered 3.2 at the end of June 2024, up from the 2.9 months recorded at the end of June 2023 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.