Fraser Valley home
sales rebound in July after lackluster June
A noticeable lift in
home sales and slight decrease in new listings bolstered the
Fraser Valley
housing market in July.
The Fraser Valley Real
Estate Board processed 1,458 sales of all property types
on its Multiple
Listing Service® (MLS®) in July, a 11.6 per cent increase
compared to sales in
June 2019, and a 13 per cent increase compared to the
1,290 sales in July of
last year.
Chris Shields,
President-Elect of the Board, observed, "We've been expecting
market
improvement, but didn't quite anticipate July's momentum. We've gone
from the
worst June in almost 20 years to a July that's only slightly below the
10-year
average. For both buyers and sellers, a return to an active, more
balanced
market is welcome news."
"We attribute the
change in July to pent-up demand and an increase in consumer confidence.
REALTORS® in our market saw more activity at open houses and
an increase in the
number of first-time buyers. Data from our informal member
market poll in July
showed the highest level of first-time buyer purchases in the
Fraser Valley
since early 2016."
There were 8,340 active
listings available in the Fraser Valley at the end of July,
an increase of 12.7
per cent compared to July of last year and a decrease of
2.1 per cent compared
to June 2019. The Board received 2,797 new listings in
July, a 0.5 per cent
decrease compared to June 2019's intake of 2,810 new
listings and a 4.2 per
cent decrease compared to July of last year.
"Sales of single
family detached in our region increased by over 18 per cent in
July compared to
last year," added Shields. "Sellers are now recognizing that
although
listing prices are down, it's also now more affordable to buy."
HPI® Benchmark Price Activity
Full package:
http://www.fvreb.bc.ca/statistics/Package201907.pdf 
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