Greater Vancouver Housing Market Update for July 2021
Metro Vancouver Housing Market Update for July 2021:
Total home sales had a moderate 6.3% increase compared to the same month last year. For the fourth consecutive month, Metro Vancouver housing market continued cooling from sizzling hot market early this year. Total home sales went down 11.6% on a month-to-month basis in July. Last month’s sales were 13.3% above the 10-year July sales average.
The MLS® Home Price Index benchmark price for all residential properties continues setting a new record at $1,175,500. This represents a 13.8% increase over July 2020. The major driving force for continuous price increase is due to low inventory of homes for sale. Total number of new listings dropped 26.4% from a year ago and also dropped 25.2% from June 2021.
Please keep in mind that housing market condition and pricing can vary depending on area and property type so please consult with me for your area of interest.