According to the Association of Regina Realtors, residential sales in the region remained strong during July, despite failing to reach the same volume recorded in the previous months.
Overall, 330 properties were sold during July, which is a 5 percent improvement from 2010 when 314 home transactions took place. The volume is the third-highest sales total for the month of July on record during the last 10 years and is well above the average of 307 home sales during this timespan. In the city, 273 sales were conducted, representing a 1 percent increase from 2010.
With interest rates for home loans remaining low, more mortgage calculators are showing increased affordability for consumers, prompting many previously on the fence to enter the housing market.
Year-to-date, 2,253 sales have taken place, which is 3 percent greater than the total at this point in 2010. This total is the second-highest on record at this point in the year, trailing only the volume of 2,574 properties sold in 2007.
The average price of homes sold in the region during July was $272,548, which is down 3 percent from $281,836 in 2010.
"The market continues to perform very well with steady demand for housing," said Gord Archibald, executive officer of the Association of Regina Realtors. "After 400 plus sales occurring in May and June, there was a fall off in July but this is not unusual for that month. Despite this, sales were above most historical comparisons."