Home sales and prices continue to dip in Hamilton

While the weather isn't cooling down, Hamilton's housing market sure seems to be.

According to a report by Realtors Association of Hamilton-Burlington (RAHB), the average sale price for residential properties was $878,816 last month, down 7.1 per cent compared to June 2022 - but it was still up 3.9 per cent compared to the same time last year.

July saw the first dip below the $1-million mark since October 2021 in the average sale price of detached properties across the RAHB market area," said RAHB president Lou Piriano in a release.

RAHB reported 811 sales of residential properties within its market area, a decrease of 18.5 per cent compared to June 2022 and down 35.6 per cent compared to the same time last year.

The report also noted residential sales and new listings were down overall compared to last month - with the exception of listings for the apartment-style property category.

Last month, 513 detached properties were sold in the Hamilton area, a decrease of 25.5 per cent compared to June this year and down to 37.3 per cent compared to July 2021.

The average sale price for detached properties was $985,363, down to 6.6 per cent compared to June this year and up 4.4 per cent compared to July 2021.

Ninety-six apartment-style properties were sold last month, a decrease of 15.8 per cent from June 2022 and down 39.2 per cent compared to July 2021.

Apartment-style properties finished the month off with the highest inventory levels compared to other property types, which means there is more choice and negotiation power for buyers and investors," said Piriano.

Beatriz Baleeiro is a reporter at The Hamilton Spectator bbaleeiro@torstar.ca