Multiple Listing Service Home sales in the Huron and Perth region dropped by 15.9% in June, compared to a year ago.

The number of homes sold through the MLS® System of the Huron Perth Association of REALTORS® totaled 190 units in June 2022.

Home sales were 11.1% below the five-year average and 10.7% below the 10-year average for the month of June.

The overall MLS® HPI composite benchmark price was $632,000 in June 2022, up by 16.6% compared to June 2021.

“Sales activity continues to decline and has fallen below average levels for this time of year, a trend that began to pick up steam a few months ago,” said Julie Heitbohmer, President of the Huron Perth Association of REALTORS®. “New listings recorded an unexpectedly large increase in June, shooting up to the highest level for this month in history. With demand tapering out and supply on the rise, the market has shifted gears out of seller’s territory and into a more balanced position. This has been accompanied by more modest benchmark price gains, with benchmark price levels appearing to have topped out.”

New listings were 31.1% above the five-year average and 32.7% above the 10-year average for the month of June.

Active residential listings numbered 429 units on the market at the end of June, an advance of 99.5% from the end of June 2021.

Active listings were 6.1% above the five-year average and 40.6% below the 10-year average for the month of June.