Home sales drop almost 20 per cent in Windsor-Essex

There was about a 20 per cent drop in home sales in May compared to the same time a year ago, according to the Windsor-Essex County Association of Realtors.

WECAR says 464 homes were sold in May, a decrease of 19.8 per cent, compared to 579 homes sold in May 2023.

Year-to-date sales were down 2.3 per cent last month, with 2038 homes sold, compared to 2086 during the first five months of 2023.

WECAR also reports that 1240 homes were listed for sale last month, an 11.9 per cent increase over the 1108 homes listed during the same time a year ago.

The average sale price in Windsor-Essex sat at $575,014 last month, down 4.1 per cent compared to an average price of $599,826 in May 2023.

The average year-to-date price of a home moved to $566,955, up 0.6 per cent compared to an average price of $570,586 during the first five months of 2023.

The Bank of Canada has cut its overnight rate by 25 basis points, a move not seen since the beginning of the pandemic.

Wednesday’s announcement puts the policy rate at 4.75 per cent, down from the 5 per cent it has been sitting at since July of last year.

~ With files from CTVNews.ca and AM800 News.