The Renfrew County Real Estate Board says home sales in the county slowed last month in the face of a rapid rise in mortgage rates.
The number of homes sold through the board’s Multiple Listing Service (MLS) system totalled 201 units in May 2022.
That’s a decline of 22.7% from May 2021 and put homes sales 17.1% below the five-year average for the month of May.
On a year-to-date basis, home sales totalled 843 units over the first five months of the year. This was a substantial decline of 26.4% from the same period in 2021.
While the number of sales is down, prices continue to rise.
The average price of homes sold in Renfrew County in May 2022 was $475,056, a gain of 21.5% from May 2021.
The more comprehensive year-to-date average price was $490,200, up by 25.4% from the first five months of 2021.
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