The incredible strength of the real estate market over the last two years is over according to Greater Moncton Realtors.

Home sales in November were almost 14 percent below the five-year average yet nearly 9 percent above the 10-year average for the month.

Greater Moncton Realtors noted 256 homes were sold last month which is a substantial drop of 31 percent year-over-year.

President Mike Power said declines in home sales are expected for the near future – at least until spring.

But Power added this market is still holding up well compared to other parts of the country.

Power noted new listings have been solid and helped raise overall inventories from their record lows earlier this year.

He noted our housing market still has more room to absorb excess inventory should demand soften amid ever-increasing interest rates.

The average home price in Greater Moncton was $310,400 in November which is down about 9 percent from six months ago yet almost 13 percent higher compared to November 2021.