B.C. home sales, prices drop for third month after market peaks in March 2021
The B.C. Real Estate Association reports that the housing market is calming.
Sales and prices across the province dropped for the third month in June after the market peaked in March 2021.
It can be recalled that sales in March this year soared to 15,073 homes.
The number set a new all-time high for monthly sales, which previously stood at 13,482 in May 2016.
Sales in April 2021 dipped slighted to 13,683, which still beat the May 2016 record.
In the following month of May, sales dropped to 12,638 homes.
A BCREA report Monday (July 12) showed that June 2021 sales totalled 11,070.
The same story can be said about prices.
In March 2021, the average price of a B.C. homewas $947,707.
The average price dipped to $946,606 in April, and $916,340 in May.
For June 2021, the average price declined to $910,445.
In its new report, the BCREA stated that the 11,070 home sales in June 2021 represent an increase of 34.7 percent over June 2020.
In addition, the average price of $910,445 means a 22.2 percent increase from $745,194 recorded in June 2020.
Also, sales in dollar volume totalled $10.1 billion, a 64.6 percent increase from last year.
“As expected, housing market activity is calming to start the second half of 2021,” BCREA chief economist Brendon Ogmundson said in a media release.
Ogmundson added that while transactions are “down from record highs earlier this year, home sales across the province remain well above long-run average levels”.
The BCREA also reported that total active residential listings were down 23.4 percent year-over-year in June 2021.