It is not all bad news according to the Durham Region Association of Realtors:
Durham Region Association of REALTORS® (DRAR) President Dennis Roberts reported 794 residential transactions in July 2018, a 6 percent increase on a year-over-year basis from 749 in July 2017, and a 13.5 percent decrease from June 2018.
“As we edge closer to the end of the summer, we may experience a return to a traditionally quieter summer market,” said Roberts. July saw the number of new listings in Durham decrease on a month-over-month basis to 1,675 down from 1,895 new listings in June.
The average selling price in Durham reached $584,131 last month, a 4.35 percent decrease from the $610,728 average selling price in June, but a 2.52 percent increase over the average selling price during the same period in 2017. “Durham continues to offer the best housing options for buyers and still offers some of the most desirable real estate value in the GTA,” said Roberts. “Market trends indicate that we will be anticipating an increase in activity again in the fall.”