The number of active listings in the city remained at 20-year-plus highs, according to the Association of Regina Realtors®. The high inventory carried over from 2014 and has steadily increased in 2015. There were 1,549 homes for sale at the end of the month. This is the highest number of homes for sale at this time of the year in over 20 years.
Close to one-third of active listings in the city are now homes other than single family detached, mostly condominiums. There were 658 new listings in the city placed on the MLS® system during the month, up 2% from 644 in 2014.
There were 331 sales reported in the Regina area, down 21% from 419 sales in May 2014, and below both the 5-year average of 412 and the 10-year average of 396. Single-family detached home sales were down 12%, while sales of other types of single-family housing units, mostly condominiums, were down 43%.
In May, the MLS® Home Price Index (HPI), reported a composite index level of 270.7 and residential price of $285,300 for the city. These are down 3.2% from last years levels of 279.7 and $294,800. This indicates that residential selling prices have fallen in the Regina market over the past year. The HPI also shows selling prices as being down 2.7% over the past 3-year period. The HPI is a much more accurate measure of housing price trends than average price.
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