The number of homes sold in British Columbia has dropped sharply since last July, but prices are still up slightly.
This is according to the latest data from BC. The Real Estate Association, which reported fewer than 5,600 home sales in July, fell 42.4% year-on-year.
Nevertheless, the average price of all types of homes rose 3.6% to $923,449 from July 2021.
The average price of a home in Greater Vancouver rose his 3.3% to $1.2 million, while in the Fraser Valley the average price rose his 4.2% to $1.15 million .
READ MORE: Home Sales Continue to Fall in Metro Vancouver and Fraser Valley
Loan rates July sales activity remains weak," BCREA chief economist Brendon
Ogmundson wrote in an update Thursday.
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"Many parts of the state have significantly below average sales at this time of year.
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Most states recorded significant declines in sales, with Chilliwack experiencing a 57% decline.
Powell River (54.8%), Fraser Valley (50.6%) and Greater Vancouver (43.6%) also saw significant declines, while the Kootenay region (15.3%) Minimal reduction was seen.
Read more: Sales of air-conditioned homes are driving some owners to list their units on the hot rental market
BCREA said: A slowdown in sales was matched by an increase in inventory, with active listings up 28%.
Inventories remain low overall, but some regional markets are starting to become balanced or even buyer market territory, he said.
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