The Airdrie benchmark home price slipped -0.3% from the previous month and annual growth slowed to 1.9% as elevated inventory levels and economic uncertainty sapped market strength further.
Sales in July totaled 163, a -10.4% drop from the previous year. Meanwhile, inventory was up 37.7% y/y with 358 listings for sale at the end of the month.
On a positive note, the inventory absorption rate improved slightly from June to 2.2 months, as did the sales-to-new-listings ratio, inching up to 61% so I expect prices to be fairly flat in the short term.
Compared to last July, however, market conditions have clearly weakened. You can see the inverse correlation between the benchmark price and the months of supply in the graph below:
You can download the City of Airdrie historical stat package along with additional charts here