STRONG SALES CONTINUE IN JULY DESPITE ONGOING INVENTORY PRESSURES August 7, 2024 FOR IMMEDIATE RELEASE:   Saskatchewan reported 1,667 sales in July, a seven per cent year-over-year gain and over 20 per cent above long-term, 10-year averages. The thirteenth consecutive month of above-average sales in the province has contributed to year-to-date sales that were 10 per cent above July 2023 and 19 per cent above the 10-year average.   While new listings saw a modest year-over-year gain, this had little impact on inventory levels, which were down 20 per cent year-over-year and remain over 40 per cent below long-term trends.   “Strong housing demand continues to support above-average monthly sales levels, preventing any significant inventory relief in many markets across the province,” said Association CEO, Chris Guérette. “Limited supply choice, specifically in the more affordable segment of the market, is likely preventing even stronger sales activity in our province.”   Saskatchewan reported a residential benchmark price of $344,800 in July, up from $343,300 in June and nearly five per cent higher than July 2023. Home prices trended up across all property types in July, with year-over-year gains ranging from over four per cent in detached to 11 per cent in row/townhouse-style properties.   “With just over three months of inventory across the province - below two in some of our larger centres - it remains a challenging time for prospective buyers right now,” said Guérette. “Supply constraints, when paired with strong demand, continue to place upward pressure on prices – as evidenced by record benchmark prices in some communities for the second consecutive month.”     ###   Regional Highlights Despite a slight year-over-year sales decline in some economic regions, all provincial regions reported monthly sales figures above long-term, 10-year averages in July.   Year-to-date sales have improved across all economic regions except the Northern region, with the largest growth occurring in the Regina-Moose Mountain and Swift Current-Moose Jaw regions. Meanwhile, the Saskatoon-Biggar region is again reporting the tightest market conditions in the province, with 2.19 months of supply in July.   Price Trends Home prices trended up across many economic regions of the province in July, with the largest monthly gains occurring in the Saskatoon-Biggar (seven per cent year-over-year) and Swift Current-Moose Jaw (five per cent) regions.   The City of Saskatoon reported the largest price gains in July, with prices over seven per cent higher than last year. Meanwhile, Regina, Estevan, Weyburn, Moose Jaw, Swift Current, Humboldt, Meadow Lake, Melfort, North Battleford, and Prince Albert all reported year-over-year price gains in July.   City of Regina The City of Regina reported 381 sales in July, up 10 per cent year-over-year and 26 per cent above long-term, 10-year trends.   Strong July sales contributed to a 16 per cent gain in year-to-date sales, which are amongst the highest levels ever reported in Regina at this point in the year. Despite a slight year-over-year increase in new listings, inventory levels remain over 43 per cent below 10-year trends.   The City of Regina reported a benchmark price of $318,400 in July, up from $318,100 in June and 0.5 percent above July 2023.   City of Saskatoon The City of Saskatoon reported 520 sales in July, a five per cent year-over-year gain and over 20 per cent above long-term, 10-year averages.   Limited supply options continue to prevent stronger sales figures in Saskatoon, as inventory levels remain over 50 per cent below long-term trends. The Bridge City continues to report the tightest market conditions in the province, with 1.60 months of supply in July.     The City of Saskatoon reported a record benchmark price of $406,500 in July, up from $403,500 in June and over seven per cent above July 2023.