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Signs of Stabilization

The local housing market continued to cool off in July, with 514 homes exchanging hands via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). The housing supply made a steady gain from 2.8 months of inventory in June to 3.6 months of inventory in July, signaling movement toward a more balanced market. 

"With rising interest rates, July saw home sales activity continue to slow down," said Randy Pawlowski, 2022 LSTAR President. "Inventory has increased, showing more signs of a balanced market. The 3.6 months of inventory in July is in line with the months of inventory recorded during the same month in 2014 and 2015." 

While LSTAR's composite MLS® Home Price Index Benchmark Price of $624,400 was down 3.7% from June, this value is still 6.4% higher than the figure recorded for July 2021. Similarly, LSTAR's overall average home price fell slightly from $686,287 in June to $667,323 in July. Compared to the same period last year, this figure is still 7.1% higher. This represents a trend the majority of local markets are experiencing across the country, according to CREA. 

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"Brian was a great asset to me in the purchasing of my first new property by going above and beyond what I imagined. I’m extremely happy with the entire process. Even after the sale Brian continued to support me with advice and tips as new first home buyer. Brian’s knowledge in this sector made everything easy and fun!"

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