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July home sales slow in Richmond

Home sales continue to cool in Richmond, and buyers are seeing prices drop, but only slightly, according to the latest

figures released by the Real Estate Board of Greater Vancouver.

Detached house sales dropped 51.2 per cent in July compared to a year ago, with just 60 houses changing hands in July compared to 123 in July of 2011.

While the median selling price last month was $1.01 million, up compared to June and a year ago, real estate board president Eugen Klein clarified that overall prices are softening.

Using the Home Price Index—which monitors and accounts for when a cluster of high-priced homes sell in a given period thereby skewing the median selling price—Klein said the benchmark home in Richmond has dropped 3.9 per cent in price over the last year.

Klein said that Richmond experienced a spike in real estate prices 18 months ago, when the median price jumped $100,000 per month for four consecutive months, setting records.

“That’s not sustainable,” Klein said

Over the past three years, the benchmark home’s price in Richmond has risen 39 per cent to $979,800, according to board statistics.

Regionally, residential property sales in Greater Vancouver remained at a 10-year low, with the number of listings dropping slightly and prices remaining relatively steady.

“People appear to be cautious about making significant financial decisions right now. While our economy appears to be quite robust, there may be some concern about the impact of international markets and the federal government’s tightening of mortgage regulations,” Klein said in a press release.

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