The local housing market continued to cool off in September, with 497 homes exchanging hands via the MLS® System of the London and St. Thomas Association of REALTORS®(LSTAR). Housing supply made a healthy gain from 2.7 months of inventory in August to 3.4 months of inventory in September, showing more signs of market stabilization.
"An additional interest rate hike, the fifth one so far in 2022, continues to impact home sales activity," said 2022 LSTAR President Randy Pawlowski. "We are experiencing increased inventory levels, indicating a more balanced marketplace. For historical perspective, the 3.4 months of inventory is the highest recorded for the month of September, since September 2015."
The average home sales price and composite MLS® Home…
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