A lack of new listings for homes in Greater Moncton may have an impact on the upcoming spring season.

The overall inventory of homes fell to the lowest level since last spring according to Greater Moncton Realtors.

“Consequently, market conditions remain tight with the balance firmly in favour of sellers,” said Mike Power, president of Greater Moncton Realtors.

“Although the recent data is encouraging, without a notable influx of new listings the current lack of available homes to choose from may prove to be a curb on the traditionally busy spring market.”

Power noted how home sales in February posted their second consecutive month-over-month increase and were in line with historical averages

Although the overall benchmark price of a home rose slightly in February to about $305,000, prices had been trending downward with a nearly seven percent drop from six months ago and a three percent drop year-over-year.