{"id":18345,"date":"2021-08-09T10:10:00","date_gmt":"2021-08-09T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=18345"},"modified":"2021-08-05T08:50:08","modified_gmt":"2021-08-05T15:50:08","slug":"new-listings-home-sales-fell-in-line-with-typical-summer-seasonal-patterns","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/08\/new-listings-home-sales-fell-in-line-with-typical-summer-seasonal-patterns\/","title":{"rendered":"New Listings &#038; Home Sales Fell in Line with Typical Summer Seasonal Patterns"},"content":{"rendered":"<p style=\"text-align: justify;\">Last month, Metro Vancouver\u2019s housing market began to moderate in comparison to the elevated levels of buying and selling activity seen throughout the course of the pandemic.<\/p>\n<p style=\"text-align: justify;\">According to new data released by the Real Estate Board of Greater Vancouver (REBGV) today, the region recorded 3,326 residential home sales during July. This marks an 11 percent decrease from the previous month, when 3,762 homes were sold, but a 6.3 percent boost over July 2020, when 3,128 sales took place.<\/p>\n<p style=\"text-align: justify;\">\u201cModeration was the name of the game in July,\u201d said REBGV\u2019s economist, Keith Stewart, in a news release accompanying the data.<\/p>\n<p style=\"text-align: justify;\">\u201cHome sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has leveled off in most areas and home types,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">Combining all three property types \u2014 detached, attached and apartments \u2014 4,377 homes were newly listed on MLS across Metro Vancouver in July. Inventory worsened as the number of new listings hitting the market dropped by 26.4 percent from July 2020 and 25.2 percent from the previous month. Currently, there are 9,850 homes listed for sale on Metro Vancouver\u2019s MLS, which represents a decrease of 18.5 percent year-to-year and 9.1 percent month-to-month.<\/p>\n<p style=\"text-align: justify;\">While July\u2019s sales total was 13.3 percent above the 10-year average, new listings hit 12.3 percent below the average for that month. Across all property types, Metro Vancouver\u2019s sales-to-active listings ratio for July was 33.8 percent.<\/p>\n<p style=\"text-align: justify;\">\u201cHome sales remain above average and we\u2019re starting to see price increases relent as well,\u201d said Stewart in the release. \u201cGoing forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends.\u201d<\/p>\n<p style=\"text-align: justify;\">Across Metro Vancouver, the MLS\u00ae Home Price Index composite benchmark price for all properties was $1,175,500 in July, unchanged from June, but up 13.8 percent compared to the same month last year.<\/p>\n<p style=\"text-align: justify;\">Of the three property types that REBGV analyzes, apartment properties showed the sharpest increase in annual sales growth last month. During July, 1,666 apartment sales were transacted, a 19 percent year-to-year increase. The benchmark price of an apartment reported a moderate uptick, now $736,900, which is up 8.4 percent from a year ago and down 0.1 percent from June.<\/p>\n<p style=\"text-align: justify;\">In July, 1,050 detached homes were sold, a 6.3 percent drop from July 2020. Although the benchmark price of a detached property remained at $1,801,100, unchanged from June, this represents a 21 percent price increase compared to the same month last year.<\/p>\n<p style=\"text-align: justify;\">Similar to July 2020, 610 attached homes were sold last month, a 0.5 percent year-over-year improvement. The benchmark price of an attached home crept up 0.3 percent from June to $949,400, but posted a 16.7 percent jump over July 2020.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2021\/08\/vancouver-housing-market-moderates-july-prices-steady.html\" target=\"_blank\" rel=\"noopener\">REBGV : Vancouver Housing Market Moderates in July as Home Prices Hold Steady<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last month, Metro Vancouver\u2019s housing market began to moderate in comparison to the elevated levels of buying and selling activity seen throughout the course of the pandemic. According to new &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/08\/new-listings-home-sales-fell-in-line-with-typical-summer-seasonal-patterns\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-18345","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Listings &amp; Home Sales Fell in Line with Typical Summer Seasonal Patterns &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/08\/new-listings-home-sales-fell-in-line-with-typical-summer-seasonal-patterns\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"New Listings &amp; Home Sales Fell in Line with Typical Summer Seasonal Patterns &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Last month, Metro Vancouver\u2019s housing market began to moderate in comparison to the elevated levels of buying and selling activity seen throughout the course of the pandemic. 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