Unemployment rate slows housing market recovery
HOUSING MARKET FACTS
• Year-to-date detached sales eased across each district. Elevated inventory levels caused months of supply to remain just below five months in August and continued to weigh on housing prices across all districts.
• Detached benchmark prices totaled $497,000 in August. This is a 0.74 percent decline over last month and 2.6 percent below the previous year.
• Prices have trended down in all districts in August, however, on year-to-date basis prices remain above last year in both the City Centre and West.
• Year-to-date average detached benchmark prices have eased by 0.56 percent over the previous year, reducing some of the price recoveries from last year.
• Year-to-date sales totaled 1,892 units, seven percent below the previous year. However, sales did not ease across all districts. Sales in both the North East and North West districts remained slightly higher than levels recorded last year.
• New listings in the apartment sector eased compared to the previous year, preventing more significant gains in inventory levels. However, oversupply in this sector persists, causing further price declines.
• Year-to-date city-wide prices eased by nearly three percent, with the largest declines occurring in the North East, South, and East districts. Overall prices remain nearly 14 percent below 2014 highs.
• Like the apartment sector, sales have eased in the attached sector. However, year-to-date sales have improved in some districts of the city for semi-detached and row product. Semi-detached sales improved in both the North West and West districts.
• Row sales remained relatively stable in both the North East and East districts of the city.
• Oversupply in the semi-detached sector has placed some downward pressure on prices this year, but year-to-date
average benchmark price remains higher than last year in the City Centre, North East and East districts of the city. Gains in these areas were enough to offset declines in other areas, keeping semi-detached prices one percent higher than last year.
• Year-to-date row prices eased by 1.5 percent over last year. However, price movements ranged from relatively stable levels in the City Centre and North West to declines of nearly seven percent in the North East district.
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