Market Cools Off In June
Posted by Brian VanBart on
1,727 new residential listings and 663 home sales were recorded in June 2022 in the London-St. Thomas area via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). The local housing supply increased from only 1.7 months of inventory in May to 2.8 months of inventory in June.
"While the number of new listings is the highest ever recorded by LSTAR in the month of June, the number of June home sales is at its lowest point in the last ten years," said Randy Pawlowski, 2022 LSTAR President. "Our local market is cooling off rapidly, but home prices don't follow suit as fast," he added.
LSTAR's composite MLS® Home Price Index Benchmark Price was down 7.8% from May, decreasing from $703,300 in May to $648,500 last month.…
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