A glut of new listings helped boost home sales in July while prices were slightly lower, according to new data from the Toronto Regional Real Estate Board (TRREB).
A total of 5,391 home sales were transacted through TRREB’s MLS System last month, up by 3.3% from the 5,220 sales reported in July 2023. New listings entered into the MLS System totaled to 16,296, a year-over-year spike by 18.5%.
While sales and listing were up, prices inched down. The MLS Home Price Index Composite benchmark dropped by approximately 5% on a year-over-year basis in July while the average selling price of $1.10 million dipped by 0.9% from the July 2023 result of $1.11 million.
“As more buyers take advantage of more affordable mortgage payments in the months ahead, they will benefit from the substantial build-up in inventory,” said TRREB Chief Market Analyst Jason Mercer. “This will initially keep home prices relatively flat. However, as inventory is absorbed, market conditions will tighten in the absence of a large-scale increase in home completions, ultimately leading to a resumption of price growth.”