Greater Moncton Realtors says the number of homes sold in the region fell by about 15 percent in July.
Last month, 370 units were sold which is below the five-year average for July but still higher than the 10-year average.
Greater Moncton Realtors president Mike Power believes demand is still strong thanks largely to immigration.
Power says home prices are still rising but at a slower pace thanks to a jump in interest rates.
“Here all it served to do is take the pressure off the upward increase every month. So the last couple of months, it’s been pretty much even.”
He says the overall inventory of homes is increasing as new listings return to historical levels.
“Right now we’re probably closer to a three-month supply. So the total number of houses on the market in terms of monthly supply is improving slightly.”
Power thinks it’s still a seller’s market but adds buyers now have more leverage with their offers than in previous months.
The overall composite benchmark price for a home in Greater Moncton in July was $337,800, an increase of almost 29 percent year-over-year.
Prices were highest in Dieppe at $386,200, followed by rural routes at $379,700, Moncton at $338,400 and Riverview at $328,000.
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