Calgary home sales down 3% in July as interest rates rise: real estate board

The Calgary Real Estate Board says last month's home sales slipped by three per cent year-over-year as the market continued to experience a slowdown.

The region's sales for the month totalled 2,254, down from 2,314 last July.

The Alberta board says the figures mark the second month in a row that the pace of sales slowed, but noted that the numbers are still among the strongest the market has ever seen.

Last month's new listings amounted to 3,174, down almost four per cent from 3,298 in July 2021.

The average price of a home in the region hit $491,392, a nearly one per cent climb from $488,484 a year ago.

Ann-Marie Lurie, the board's chief economist, says the figures are the product of rising interest rates and significant slowdowns in the detached and semi-detached market that were nearly offset by sales growth in the apartment and row house sectors.