RAHB HOUSING MARKET RETURNING TO MORE TYPICAL LEVELS OF ACTIVITY
BENCHMARK PRICE HAS TRENDED UP FOR THE THIRD CONSECUTIVE MONTH
Hamilton, ON (April 3, 2023) – The REALTORS® Association of Hamilton-Burlington (RAHB) market area reported 1,031 sales in March. While this is a 33 per cent decline over last year’s levels, activity is just slightly slower than what was reported in the area before the pandemic. Higher lending rates continue to weigh on sales activity. New listings remain lower than we see in a typical pre-pandemic March.
Sales and new listing activity have increased over the past several months. However, this did little to impact supply as inventory levels fell below two months. Buying conditions are not as tight as they were last year. The shift in the market has resulted in more price stability and is much more comparable to the pre-pandemic market.
“We are seeing our housing market shift back to activity more consistent with pre-pandemic levels and more stable pricing,” said Lou Piriano, RAHB President. “While prices are lower than the highs reported in 2022, it is important to note that last year’s year-over-year growth was over 24 per cent. Our market has experienced significant price growth since 2019 when home prices were still below $600,000.”
The unadjusted benchmark price reached $835,800 in March, the third consecutive month where prices trended up. Prices in the region are still 21 per cent below levels reported last year but remain higher than levels reported in March 2021.