Richmond home sales and median prices were down slightly overall in July compared to last year at the same time.
According to the Greater Vancouver Realtors, Richmond home prices fell by 1.4 per cent overall in the past year, but most housing types – single-family, townhouses and condos – stayed fairly stable.
Single-family home median prices rose by $8,000 year over year – from $2.1 million to $2,108,000.
As for sales, the number of townhouses and condos sold this July was lower than last summer.
But single-family home sales were up just slightly with three more sold this July compared to last July for a total of 61.
Townhouse sales last July came to 70 in total, compared to 52 this July while last year 163 condos sold in July, compared to only 140 this July.
Overall, in the Greater Vancouver area, home sales were down five per cent this July compared to last year in the same month.
“The trend of buyers remaining hesitant, that began a few months ago, continued in the July data despite a fresh quarter percentage point cut to the Bank of Canada’s policy rate,” said Andrew Lis, Greater Vancouver Realtor’s director of economics and data analytics.
“With the recent half percentage point decline in the policy rate over the past few months, and with so much inventory to choose from, it’s a bit surprising transaction levels remain below historical norms as we enter the mid-point of summer.”
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