The number of homes sold through the MLS® System of the Guelph and District Association of REALTORS® totaled 419 units in April 2022. This was a large decline of 27.3% from April 2021. Home sales were 0.2% below the five-year average and 11.5% below the 10-year average for the month of April. On a year-to-date basis, home sales totaled 1,672 units over the first four months of the year decreasing by 19% from the same period in 2021. “Sales activity was down from last April’s record to more typical levels for this time of year,” said Dustin Davis, President of the Guelph and District Association of REALTORS®. “New listings, on the other hand, shot up to a new record in April, helping to continue lift overall inventories from the rock-bottom levels of late 2021 and shifting the market towards more balanced territory. If these trends continue to play out over the remainder of the year in response to higher interest rates, we may likely see a return to more normal market conditions after the historical tightness of the past two years.” The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $1,001,700 in April 2022, up by 28.6% compared to April 2021. The benchmark price for single-family homes was $1,034,600, an increase of 27.9% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $734,100, a sizable gain of 27.7% compared to a year earlier, while the benchmark apartment price was $640,700, a substantial gain of 37.3% from year-ago levels. The average price of homes sold in April 2022 was $1,096,537, a gain of 23.1% from April 2021. The more comprehensive year-to-date average price was $1,101,842, up by 28.7% from the first four months of 2021. The dollar value of all home sales in April 2022 was $459.4 million, a substantial decrease of 10.4% from the same month in 2021. The number of new listings saw a gain of 14.1% from April 2021. There were 857 new residential listings in April 2022. This was also the largest number of new listings added in the month of April in history. New listings were 30.8% above the five-year average and 27.4% above the 10-year average for the month of April. Active residential listings numbered 533 units on the market at the end of April, a significant gain of 38.4% from the end of April 2021. Active listings were 7% below the five-year average and 23% below the 10-year average for the month of April. Months of inventory numbered 1.3 at the end of April 2022, up from the 0.7 months recorded at the end of April 2021 and below the long-run average of 1.6 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.