South Okanagan real estate market on the rebound for second month in a row | iNFOnews | Thompson-Okanagan's News Source

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South Okanagan real estate market on the rebound for second month in a row

South Okanagan residential real estate sales were up over August a year ago, marking the second straight month of increasing sales over last year.
Image Credit: SUBMITTED/B.C. Assessment
September 11, 2019 - 2:45 PM

PENTICTON - For the second month in a row, residential home sales are up over last year in the South Okanagan.

South Okanagan Real Estate Board president Dori Lionello reports 166 units sold in August, which is up 7.1 per cent or 12 units, from August 2018.

“Home sales are rebounding from a weak patch in the second half of last year, although in August they were only just back to average levels,” Lionello said.

Lionello said the current balance between supply and demand means prices aren’t moving in either direction at the moment.

Over the first eight months of this year, 1,237 units sold, which is down 15 per cent over the same period a year ago, following a strong start to 2018.

The average house price year to date is $422,299 and little changed from the first eight months of 2018.

New residential listings continue to climb, up 8.8 per cent year over year.

Last month, home sales in the South Okanagan were up 14 per cent over July 2018 following months of declines.

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