Residential real estate market sales are below average for October as high interest rates continue to dampen market activity, reports the Association of Interior REALTORS® (the Association).
A total of 977 residential unit sales were recorded across the Association region in October marking a slight increase over September’s 977 units sold and representing a modest 1.8% decrease in sales compared to October 2022.
New residential listings increased 8.6% compared to October 2022 with 1,971 new listings recorded. The total number of active listings saw an increase of 17.1% of total inventory compared to October last year with 7,399 recorded across the Association region. The highest percentage increase in active listings continues to be in the South Okanagan with a total increase of 37.7% and followed closely behind in the North Okanagan with a 26.6% increase in active listings compared to the same month last year.
“While we typically do see