July 2022 Regina Real Estate Market Update
Regina Real Estate Market Update July 2022
HOME PRICES CONTINUE TO RISE DESPITE SLOWER SALES
June sales eased over last year’s record levels. However, with 1,808 sales this month, activity is still over 20 percent stronger than long-term trends for the province.
“While sales have been trending down in the province this year, we cannot lose sight of the fact that sales levels are still amongst the highest levels ever recorded in our market and these higher relative levels are still being achieved despite the sharp rise in lending rates,” comments Chris Guérette, CEO of the Association.
For the second month in a row, we have seen the level of new listings improve to levels that are consistent with the 10-year average. This has helped support some monthly gains in inventory levels. However, with only 6,893 units available in inventory, supply levels are still 27 percent lower than traditional levels, and the month of supply remains amongst the lowest levels reported for June.
Persistently tight market conditions continue to place upward pressure on home prices. In June the unadjusted benchmark price rose to $333,400 nearly one percent higher than last month and nearly five percent higher than last year’s levels.
“Moving forward we do anticipate that further rate increases will weigh on sales and eventually support more balanced conditions. However, Saskatchewan continues to benefit from relative affordability, improving migration and job growth, which should help offset some of the impact that higher rates would have on the housing market.”
City of Regina
Slower sales in June were not enough to derail earlier gains as year-to-date sales totalled 2,023 units, setting a record high. A decline in the sales to new listings ratio did help support modest improvements in inventory levels compared to earlier in the year. Slower sales coupled with slightly higher inventories was enough to push the months of supply back above three months.
While the shift to more balanced conditions did help slow the pace of price growth in the market, prices continued to rise this month. In June the benchmark price reached $329,100 up from the previous month and over three percent higher than levels reported last year.
From: SRA (Saskatchewan REALTORS® Association)