Real Estate Blog - Blog Archive: August, 2023

In July 2023, 640 homes were sold via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR), 19.6% more than in the seventh month of last year. The local housing supply increased from 2.2 months of inventory in June to 2.9 months in July. During the same period, 1,333 new listings came on the market, up by 8.2% over 2022. “In July 2023, LSTAR’s overall sales-to-new-listings ratio sat at 48%, indicating a fairly balanced market,” said 2023 LSTAR President Adam Miller.

“The higher borrowing costs triggered by Bank of Canada’s latest hike in its benchmark interest rate barely put a dent in July’s home sales and prices,” Miller noted. “This speaks not only to the local market’s appeal and resilience, but also to the huge demand for…

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