Hamilton home sales rose in September. This local neighbourhood was most popular.

• By Kayla Wallingham
• Posted Tuesday, Oct 15, 2024 12:09 pm

Hamilton home sales rose in September. This local neighbourhood was most popular.

Home sales in Hamilton rose ever so slightly in September — marking the first month of growth since the spring.

The Cornerstone Association of Realtors reported Thursday that house sales in the city rose to 459 last month, marking a 17 per cent jump compared to last September and a smidge higher than August, the slowest month for sales this year.

The modest recovery in sales marks the first time that monthly home sales have grown in the city since May. Before the sustained decline, residential sales had been on the rise in Hamilton.

So far this year, 4,812 homes have sold in the city, representing a decrease of more than three per cent over the same nine-month period last year.

Cornerstone spokesperson Nicolas von Bredow credited the recent rate cuts, price declines and improved supply for bringing buyers back to the market in September.

The Bank of Canada cut its key overnight lending rate for a third consecutive time in early September, bringing the new key rate to 4.25 per cent. The next interest rate announcement is set for Oct. 23.

“While this is not a drastic change in the market, it does point to a potential shift in trends,” said von Bredow, in a media release. “Buyer optimism is returning and will likely increase as interest rates continue to decrease.”

The association noted that while home sales remained low compared to “historical standards,” new listings skyrocketed with 1,487 homes hitting the market last month — for an increase of more than 14 per cent compared to September 2023.

The city’s inventory levels also shot up to 2,471 in September, representing a nearly 39 per cent jump year-over-year.

That’s nearly five-and-a-half months’ worth of supply, according to the report. Supply is a measure of how long it would take to sell all the homes on the market in a given month.

The average home price in Hamilton was $816,579 in September, which marked an increase of more than $22,000 from August and an upswing of nearly 5 per cent from last September.

The average home in the city had been on the market for a little more than 40 days last month.

By the numbers

Hamilton Mountain was the most popular place to buy in September with 108 homes sold, followed by Stoney Creek with.....[READ MORE]