LSTAR reports sales down by 21% in July.
The month of July was hot. Home sales were not! For the second consecutive month the volume of home sales was down when compared to the previous year.
The good news is that while sales were down prices were pretty steady and the overall average price was actually up slightly.
The London-St. Thomas area is still in a balanced market.
Balanced Market: In a balanced market, the number of homes for sale satisfies the demand.
Characteristics of this market include houses selling within a reasonable time period, sellers accepting reasonable offers and stabilized prices.
The atmosphere is usually more relaxed.
How did July 2010 comapre to previous years? 
July 2010 has the lowest sales figure since 2001.
Was HST to blame? HST is not charged on the purchase of a resale home. The services associated with the purchase such as lawyers, inspectors and movers are now 8% more expensive.
Was it the fear of rising mortgage rates? Mortgage rates are still remarkably low.
What will August and the upcoming fall market bring?
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