Phil Moore, the REBGV president said in the report that “With fewer buyers active in the market, benchmark prices across all three housing categories have declined for two consecutive months across the region.”
From the graph below, we can see the MLS® Home Price Index stayed flat in May and June before it began to drop in July and August.
From the graph we can see the HPI price had been climbing steadily since 2013 and peaked in August 2016 before it started to drop for 5 consecutive months from Sep 2016 to Jan 2017. In Feb 2017, the price started to increase again until several months ago. Only time will tell how long this drop in price will last this time.
The August 2018 residential home sales were:
- Down 36.6% from August 2017
- Down 6.8% from June 2018
- Down 25.2% from the 10-year August sales average