Calgary home sales and prices down again in June

Calgary home sales were down again in June and while the selling price for a typical home was up 1.1 per cent from the previous month, it was down 4.1 per cent from this time last year.

Shift in market means some buyers able to purchase 'previously unattainable' homes, CREB president says

Once a seller's market, Calgary has shifted in favour of home buyers over the past year or so, according to the Calgary Real Estate Board. (Canadian Press)

Calgary home sales were down again in June and while the selling price for a typical home was up 1.1 per cent from the previous month, it was down 4.1 per cent from this time last year.

A total of 2,028 homes were sold in the city in June, according to the Calgary Real Estate Board (CREB), with a benchmark price of $440,400.

That's up from the benchmark price of $439,700 in May, but still below the June 2015 mark of $459,300.

The median sale price for a home was unchanged, year over year, at $430,000 and the average sale price was up 0.37 per cent to $485,504.

Due to month-to-month fluctuations in the types of houses being sold, however, CREB often focuses on its benchmark price, which it defines as that of a "typical home."

"The detached market has been gradually moving towards more balanced conditions, helping to prevent price levels from declining at the faster rates we saw in the previous two quarters," CREB chief economist Ann-Marie Lurie said in a release.

"While this is welcomed news for sellers, it's very likely that pricing challenges will persist in the housing market until economic conditions start to improve."

Sales down, listings up

The 2,028 home sales in June compares to 2,182 sales during the same month last year, and 2,657 sales in June 2014.

By contrast, the number of homes on the market continues to rise.

There was an inventory of 5,973 homes for sale in Calgary at the end of June, compared to 5,138 at the same time last and 4,820 in June 2014.

The change in market conditions has favoured buyers, according to CREB president Cliff Stevenson.

"The price adjustments that we've seen in the past year have allowed some buyers to get into homes that were previously unattainable," he said in a release.

"This is especially true for homeowners with financial stability and a good amount of equity in their home. With so much choice out there, it's giving consumers an opportunity to find their ideal home at a price they can afford."