London and St. Thomas realtors: home prices down, availability up [Video]

More houses for sale, and fewer selling – that’s the latest according to the London and St. Thomas Association of Realtors (LSTAR).

Inventory is up, which is driving prices down across the board, and although realtors are anticipating a market boost as the result of another interest rate cut announced on Wednesday, presently the market is a lot less competitive than it was a year ago. LSTAR Chair Kathy Amess noted, “Despite the fluctuations in sales activity, average price and dollar volume, the increase in new and active listings indicates a more balanced market, providing more opportunities for buyers and sellers alike.”

Sales activity in August was down 6 per cent over the same month last year, and the average sale price is down 4 per cent, sitting at $629,000.

The HPI benchmark price reflects the value of a “typical home” as assigned by buyers in a certain, while the …