Home prices fell on a year-over-year basis in Regina. The Multiple Listing Service home price index dropped 3.39 per cent in Regina, while the national aggregate rose 5.51 per cent.
The association’s chief economist noted that the home price index for Regina has declined every month so far this year due to a buildup of inventory.
Price reflects the balance between supply and demand, and Regina had a big buildup of inventory by comparison to the sales that were taking place.
The average MLS sale price in October was $331,161 in Regina, with sales down 10.4 per cent.
There were 631 new listings in Regina in October, up 13.3 per cent from a year earlier. This will remain sluggish sales in Regina as long as there’s still a glut of available homes on the market.
The bottom line is that people who put their home on the market and are not getting the price that they want are will have to the drop the price, as people drop their price, and as the sales start mopping up new listings, the prospects for prices improve.