Hamilton-area home prices tumble for the eighth month in a row as housing market continues to cool
Much like the leaves in autumn, home prices and sales in the Hamilton area have continued to fall for the eighth month in a row as the local housing market cools off.
The Realtors Association of Hamilton-Burlington (RAHB) reported Wednesday that house sales in the region slumped to 756 in October, falling by nearly 41 per cent from the same time last year.
Year over year, detached property sales were down by more than 37 per cent, semi-detached homes fell by nearly 57 per cent, townhouses tumbled by close to 45 per cent and apartment-style properties slipped by almost 47 per cent.
The average sale price for the region also sunk to $836,800, marking a six per cent drop from last October - but still 16 per cent higher than 2020 and 40 per cent higher than 2019.
Meanwhile, inventory for the area has swelled by an overwhelming 192 per cent compared to last year.
RAHB president Lou Piriano said with the easing of critically low supply challenges during the pandemic, the local market has shifted away from the unsustainable activity" that set it ablaze over the last two years.
A look at Hamilton
In Steeltown, home sales in October fell by nearly 44 per cent compared to the same time last year. The average sale price of a residential property in the city dropped by close to eight per cent to $790,130.
Year over year, detached property sales in the city slipped by 38 per cent, semi-detached homes sunk by 65 per cent, townhouses tumbled by close to 46 per cent and apartment-style properties declined by 64 per cent.
Detached properties in the city saw the largest sale price decrease, falling by 11 per cent to $931,561, while apartment-style dwellings remain the cheapest option at $478,743 - nearly seven per cent less than they were last year.
Flamborough remains the most expensive part of Hamilton, with an average house costing $1.2 million in October, while the central city was the most affordable, averaging at $536,432 for a home.
Semi-detached homes are spending the least time on the market at around 14 days, while apartment-style properties are spending an average of 37 days.
Fallon Hewitt is a reporter at The Spectator. fhewitt@thespec.com