Home sales remain strong in the province, according to the New Brunswick Real Estate Board.
A total of 931 homes switched hands in July, an increase of around 12 per cent year over year.
Board Chair Mike Power said the number of newly listed properties showed similar results.
The number of new residential listings rose 13 per cent on a year-over-year basis to 1,371 listings.
“Additionally, active listings remained stable, reaching the highest single-month total since summer of 2022,” said Power.
There were 3,363 units on the market at the end of July, which marked an 11 per cent increase from a year earlier.
Active residential listings numbered 3,363 units on the market at the end of July, advancing 11.4% from the end of July 2023.
Months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 3.6, unchanged from a year earlier and down from the long-run average of 5.9 months for this time of year.
On the pricing side, the benchmark price set a new record in July at $308,800, an increase of 6.4 per cent. It also marked the sixth consecutive month of increases.
Power said overall conditions in our local market remain stable, with market balance still in favour of sellers.
“While other markets across the country are stagnating, our region continues to show resilience,” he added.
“With further interest rate cuts anticipated in the fall, it is reasonable to conclude that current conditions will continue for the foreseeable future.”
At the local level, home sales activity increased 34.3 per cent in Greater Moncton, 14.2 per cent in the Saint John region and 2.3 per cent in the Fredericton area. Home sales fell 13 per cent in the Northern and Valley regions.
