Hamilton home sales down 41 per cent from last September: RAHB

The Realtors Association of Hamilton-Burlington (RAHB) say a pull-back in sales has dropped the Hamilton market to the lowest point it's been in more than a decade.

Realtors in the Hamilton-Burlington area say September home sales were the lowest numbers seen in just over a decade with supply rebounding from the record lows seen last year.

The Realtors Association of Hamilton-Burlington (RAHB) say the two metrics go hand in hand with the pull-back in sales, returning new listings to levels similar to what was recorded in 2019.

“Significant gains in lending rates impacting affordability and concern regarding a housing correction has dampened consumer confidence. This is contributing to the decline in sales seen throughout our market,” RAHB president Lou Piriano said in a release.

Sales in Hamilton were down in September slipping 41.3 per cent year over year with just 425 properties changing hands.

Hamilton’s average residential sale price for all property types is down 2.7 per cent year-over-year dropping to $782,611 with listings up just over 10 per cent producing just over 1,000 new units last month.

The average listing stayed on the market for about 27.7 days, last month.

Sales of detached properties in the city, which account for the majority of transactions, slipped 37.7 per cent year over year with the average price dropping 5.7 per cent to $843,260.

New listing were up from 2021 by about 12.7 per cent.