K-W housing sales down in July, prices remain high

The number of houses sold in July was down 5.1 per cent compared to July 2016, but the price tag to buy a home is still higher than it was a year ago.

'July was still an above average month,' KWAR president James Craig says

Home sales in July cooled off, seeing a decline of 5.1 per cent compared to July 2016. Kitchener-Waterloo Association of Realtors president James Craig says the region is seeing a "typical summer slowdown" but July was still above average compared to the previous five years.

The number of homes sold in Kitchener and Waterloo in July was down 5.1 per cent compared to a year ago, but new data shows prices remain high.

There were 558 residential sales through the multiple listing system (MLS) of the Kitchener-Waterloo Association of Realtors (KWAR). That is still above the five-year average of 542 units in July.

It also brings the total for the year to 4,387 residential units, which is a 6.9 per cent increase over 2016.

The average price of a home increased by 17.4 per cent over July 2016, to $455,217.

"The tight supply in the market continues to favour sellers; however, the market seems to be shifting towards more balanced conditions," KWAR president James Craig said in a release.

He said July 2016 was "a crazy busy time" for some sales in the region.

"What we're seeing now is the more typical summer slowdown, but overall, July was still an above average month."

Homes, condos cost more

Residential sales in July includes 365 detached homes, which is similar to July 2016, 113 condos, down 21.5 per cent year-over-year, 38 semi-detached homes, down 20.8 per cent, and 36 freehold townhouses, up 44 per cent.

Detached homes sold for an average of $519,507, an increase of 14.7 per cent. The average for an apartment-style condo was $277,866, a bump of 13.8 per cent.

Townhomes sold for an average of $350,342, up 22.8 per cent, and semis sold for an average of $352,721, up 14.3 per cent.

KWAR noted there were 811 residential properties listed in July, a 22.9 per cent increase from July 2016. A property remained on the market for an average of 22 days, down from 26 days in July 2016 but up six days from June.

The summer slowdown comes after KWAR announced in May that home sales broke records, setting an all-time high for the month. April was also a record-breaking month for local real estate sales.