Calgary home sales decline 10% in July from last year, prices rise: board

The downtown core is seen behind the Calgary Stampede in Calgary, Alta., Sunday, July 7, 2024. (THE CANADIAN PRESS/Jeff McIntosh)

The Calgary Real Estate Board says July home sales dropped 10 per cent year-over-year as 2,380 properties were sold.

The board says the benchmark price across all home types was $606,700 for July, similar to last month and nearly eight per cent higher than last year.

Ann-Marie Lurie, chief economist at CREB, says while the Calgary market struggles with supply of lower-priced homes, more options in both the new and resale markets have helped dampen the pace of home price growth.

She says the results are in line with expectations for the second half of the year and if inventory continues to rise, it will result in more stable home prices.

The board says July inventory levels topped 4,000 units for the first time in nearly two years but still remains 33 per cent below typical July levels.

CREB says while the highest supply growth was seen for homes priced above $600,000, the rise has helped shift away from the extreme sellers' market seen in the spring.

This report by The Canadian Press was first published Aug. 1, 2024.