NEWFOUNDLAND AND LABRADOR HOME SALES EDGE UP IN AUGUST

NEWFOUNDLAND AND LABRADOR HOME SALES EDGE UP IN AUGUST 
The number of homes sold in the region serviced by the Newfoundland and Labrador Association of REALTORS® totalled 438 units in August 2015, up 2.3 per cent from the same month a year earlier.

Nationally, home sales were up four per cent on a year-over-year basis in August 2015.

Residential activity in St. John’s was down 2.8 per cent on a year-over-year basis in August, while activity in the rest of the province rose 4.9 per cent.

Single detached home sales in St. John’s dropped 29.9 per cent from levels recorded in August 2014.  The smaller decline in overall sales in St. John’s was due to gains in townhouse and row units and multi-family home sales.

On a year-to-date basis home sales were running 3.5 per cent ahead of the first eight months of 2014.

The average price for homes sold across all of Newfoundland and Labrador in August 2015 was $292,960, edging down 0.2 per cent compared to a year earlier.  The national average price was $433,367 in August 2015, up 8.7 per cent from August 2014.

The dollar value of home sales in the province amounted to $128.3 million in August 2015, up 2.1 per cent from a year earlier.

The number of new residential listings on the Association’s MLS® System was down 2.8 per cent from the August record a year earlier to 1,003 units, but remained at the second best level for the month.

The overall supply of homes on the market is currently running at historically elevated levels.  Active residential listings numbered 3,970 units at the end of August 2015, up 1.6 per cent from the same time a year earlier.

There were 9.1 months of inventory at the end of August 2015, unchanged from the end of August 2014.  This remains above the long-run average for months of inventory at this time of the year.  The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

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