Let's look at what the average sale price in Durham was for the last three months.
In May 2017 it was $652,963. In June 2017 it was $615,064, then in July 2017 it dropped to $569,748.
The decline in July had a lot to do with psychology, as home buyers waited to see how market conditions would evolve.
As a result, home buyers benefited from more choice in the market this July compared to the same time last year.
This was reflected in home prices and home price growth. In July, 2016, the average price was $547,496 and moving upward.
Summer market statistics, however, are often not the best indicators of housing market conditions.
We generally see an uptick in sales following Labour Day, as a greater cross-section of buyers and sellers start to consider listing and/or purchasing a home.
As we move through the fall, we should start to get a better sense of the impact of the Fair Housing Plan and higher borrowing costs.
All in all, now has to be one of the best times to buy!