Home sales in Calgary were down almost 5% in July compared to a year earlier.
The 1,547 sales total was constrained by struggles in the local job market and the increase in interest rates in the month.
New listings eased to 2,964 units but the 8,450 units of unsold inventory still far exceeded demand putting downward pressure on prices with a citywide average of $435,200, down 0.30% month-over-month and down 1.89% year-over-year.
“Despite some positive momentum in some aspects of our economy, our job market has continued to struggle as of late, with some easing in total employment levels over the past few months and persistently high unemployment rates,” said CREB chief economist Ann-Marie Lurie.
For detached homes, oversupply remains the dominant factor and the benchmark price of $501,300 in July is down 0.4% from June and over 2% from last year’s levels.
Year-to-date prices for single-family detached homes are just below July 2017 levels.
Apartments have seen a steeper decline in sales and benchmark prices year-to-date are down 3% year-over-year to $257,343 which is almost 14% below their 2014 peak.
Attached sales have been easing this year, with 2,225 sales this year down 15% decline over the previous year.