New figures show home sales in New Brunswick continued their upward momentum in June.
A total of 999 units were sold, according to the latest numbers from the New Brunswick Real Estate Board.
While that was slightly lower than last year, it marked the sixth consecutive month-over-month increase.
At the local level, home sales activity posted an increase in Northern and Valley Regions and Greater Moncton and recorded declines in Fredericton and Saint John on a year-over-year basis.
“Despite this growth, the number of newly listed properties declined slightly from May, falling below the long-run averages,” Mike Power, chair of the New Brunswick Real Estate Board, said in a news release.
There were 1,414 new listings in June, an increase of 4.3 per cent over the same period last year. New listings were still 11 to 15 per cent below the long-term averages.
While new listings were down month over month, they continued to outpace sales, pushing the number of active listings to 3,211 at the end of June.
That was an increase of 11.5 per cent compared to last year and is now in line with the five-year average for the month.
Months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 3.2 at the end of June, up from the 2.9 months a year earlier and below the long-run average of 5.4 months for this time of year.
Meanwhile, the benchmark price for single-family homes was $308,500, an increase of 8.1 per cent over last year and marking the sixth consecutive month-over-month increase.
“Looking ahead, the market faces uncertainty with the possibility of one or two more rate cuts on the horizon,” said Power.
“Only time will tell if the majority of buyers who have been sitting on the sidelines will re-enter the market when forward guidance is clearer.”
