#marketsnapshot
September 2024 Market Update đź“Š
Greater Toronto Area (GTA) home sales increased year-over-year in September. Buyers were starting to take advantage of more affordable market conditions brought about by interest rate cuts and lower home prices.
GTA REALTORS® reported 4,996 home sales through TRREB’s MLS® System in September 2024 – up by 8.5 percent compared to 4,606 sales reported in September 2023. New listings entered into the MLS® System amounted to 18,089 – up by an even greater 10.5 percent year-over-year. On a seasonally adjusted basis, September sales increased on a monthly basis compared to August, along with new listings.
“The annual improvement in September home sales was more than matched by the increase in new listings over the same period. This resulted in a better-supplied market and increased negotiating power for buyers re-entering the market. The ability to negotiate on price led to moderate year-over-year price declines, particularly in the more affordable condo apartment and townhouse segments, which are popular with first-time buyers,” said TRREB Chief Market Analyst Jason Mercer.
fhkexperience #marketupdate #septemberhousingmarket #torontorealestate #miltonrealestate
