Regina housing market report shows activity is trending down

A report released on the Regina housing market shows activity is trending down when analyzing both numbers from last month and long-term averages.

While the amount of homes for sale has gone up by nearly 5 per cent in 2019 compared to 2018, there aren’t as many homes that are being sold like last summer.

314 sales were reported last month in Regina, down 1.6 per cent from 2018.

However it’s even less than 329 from five years ago and 347 from a decade ago. Overall, sales are below for the 5 and 10-year averages.

The average price for a home in Regina last month was $269,400, a decrease from July 2018 when the average house was nearly $281,900, a 4.4 per cent drop.

The report indicates that this downward pressure is mostly due to elevated supply levels and lower levels of demand in the provincial capital.

Despite the decreases, Manager of Operations for the Association of Regina REALTORS Rob Reynar said there are some positives to take from the numbers.

“Although sales for the city are below 5 and 10-year averages, they have jumped over numbers posted in July of ’16,’17, and ‘18, which is good news for the overall market”, said Reynar in a news release.

“The market appears to be swinging more into balance as we continue through the summer months.”

There were 1,624 active residential listings up on the market at the end of July, falling from 7.2 per cent from 2018’s 1751, but still up on historical levels.

The report is based on activity within Regina and the surrounding area from the MLS System.

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