By Troy Gillard

REAL ESTATE UPDATE

Local home sales improving as national market reaches record high

Aug 17, 2020 | 9:43 AM

The Canadian Real Estate Association says home sales in July hit a record high as they continued their rebound from the lows of earlier this year when the COVID-19 pandemic froze the market.

CREA says the 62,355 sales in July 2020 marked the highest monthly sales figure on record, with data going back more than 40 years.

Sales in July were up 30.5 per cent compared with the same month a year ago.

On a month-over-month basis, sales were up 26 per cent.

The jump in sales came as the number of newly listed homes climbed by 7.6 per cent in July compared with June.

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CREA says the actual national average price for homes sold in July was a record $571,500, up 14.3 per cent from the same month last year.

In Red Deer, the Central Alberta Realtors Association is reporting that 668 residential units were sold last month. That’s well below the 798 units sold in July 2019 but an improvement over the 508 that were sold in June of this year.

(Source: Central Alberta Realtors Association)

The average price for a home sold in Red Deer last month was $316,785, which is down slightly from $321,438 in June (current monthly high for 2020) but up from $301,861 in July 2019.

Homes sold in our city last month had spent an average of 58 days on the market, down slightly from 61 in June and from 70 in July 2019.

Elsewhere, homes sales last month were up across the board in Sylvan Lake, Lacombe, Blackfalds, Innisfail, Penhold, Rocky Mountain House and Stettler.

(With file from The Canadian Press)