Housing prices in Regina continuing to see downward trend

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The benchmark price of a home in Regina declined once again in September, the Saskatchewan Realtors Association said.

In July, the benchmark price was $319,300, and fell from $313,100 in August to $308,700 in September, according to a report.

The benchmark price is an estimate of how much a certain type of home is worth on the Multiple Listing Service (MLS), which is owned and operated by REALTORS.

In September, 305 sales were reported in the Queen City, a year-over-year increase of 7.4 per cent, according to the report.

“Strong September sales were met with a decline in new listings, contributing to further listing declines, with 3.2 months of supply conditions have not been this tight in the Queen City since 2011,” a news release said.

Across Saskatchewan, 1,295 sales were reported in September, a year-over-year gain of 2.5 per cent.

The benchmark price in Saskatchewan was $328,000 in September, up from $327,800 in August.

The report says strong sales across the province last month contributed to a supply across Saskatchewan of 4.8 months, the lowest level reported in September province-wide since 2009.

Association CEO Chris Guerette said price gains in Saskatoon, Prince Albert and Yorkton offset price declines seen in Regina and Swift Current in September.