The local housing market continued to cool off in July, with 514 homes exchanging hands via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR). The housing supply made a steady gain from 2.8 months of inventory in June to 3.6 months of inventory in July, signaling movement toward a more balanced market.
"With rising interest rates, July saw home sales activity continue to slow down," said Randy Pawlowski, 2022 LSTAR President. "Inventory has increased, showing more signs of a balanced market. The 3.6 months of inventory in July is in line with the months of inventory recorded during the same month in 2014 and 2015."
While LSTAR's composite MLS® Home Price Index Benchmark Price of $624,400 was down 3.7% from June, this…
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