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Home Sales Bounce But Prices Continue To Roll Over In December

CANADA DATA
  • Existing home sales increased a strong 8.7% M/M in December after five consecutive monthly declines worth a cumulative -12.3%.
  • There a tightening of relative supply after months of easing, with sales to new listings increasing from 50.5% to 57.8% for its highest since July whilst months of supply fell 0.4mths to 3.8 in a sharper than usual correction for the time of year – see chart.
  • The benchmark house price index meanwhile saw a further -0.8% M/M decline in December, its fourth consecutive decline. It’s seen prices fall 3% since August, pushing them to 13% below the post-pandemic peak despite the trend easing in relative supply over the second half of 2023.

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