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Residential resale housing activity declines in the province eased last month, falling by 3.8 per cent to 4,611 units.

Oct. 24, 2016 | CREBNow

Alberta home sale declines eased last month

Smallest year-over-year decline since 2014

Residential resale housing activity declines in the province eased last month, falling by 3.8 per cent to 4,611 units, according to the Alberta Real Estate Association.

The provincial organization noted September represented the smallest year-over-year decline since December 2014.

Meanwhile, the average MLS® residential price in Alberta rose 3.9 per cent from September 2015 to $396,646.

Five of Alberta's real estate boards and associations saw an increase in monthly residential average prices from year-ago levels, led by a 10.2 per cent jump in Lethbridge and a 7.3 per cent rise in Alberta West.

Other areas to see year-over-year increases in September included Central Alberta (6.6 per cent), Calgary (5.9 per cent) and Edmonton (1.5 per cent).

The remaining five boards and associations saw the monthly residential average price decrease to varying degrees from September 2015, including 14.6 and 14.2 per cent declines in South Central Alberta and Lloydminster (Alberta only), respectively. They were followed by Medicine Hat (-12.9 per cent), Grande Prairie (-12.7 per cent) and Fort McMurray (-9.6 per cent)

The value of all home sales in the province totalled $1.83 billion for the month, virtually unchanged from September 2015, according to AREA.

The provincial organization noted there were 6.2 months of inventory at the end of September, up from 5.5 months at the same time a year ago.

New listings on the MLS® systems of real estate boards in Alberta edged down 1.1 per cent from the same time last year to 9,391, while active listings increased by 8.8 per cent to 28,594 units.