Meaningful increases impacted home prices and sales for the month of July, while inventory fell short when comparing year-over-year numbers.
Home Prices
Home prices in July increased by 0.4% month-over-month and by nearly 6% year-over-year, reaching a benchmark price of $567,000.
What is a benchmark price? The benchmark price is the estimated value of a “typical” home in a community, based on the most popular combination of features, e.g. age, size, number of bedrooms and bathrooms.
Sales and Inventory
Sales for the month increased by nearly 18% compared to last July, coming in at 2,647 for July of 2023. Inventory for the month was 3,488, which is almost 25% less than last year.
Data provided by the Calgary Real Estate Board. For more information, visit their website.
