House for sale

The Calgary Real Estate Board says April home sales were up 7.3% from last year, driven by growth in the number of relatively more affordable, higher-density properties changing hands.

The board says 2,881 units were sold last month, while the benchmark price across all home types was $603,700 for April — up 9.9% from a year earlier and 1% from March.

New listings rose 11.5% year-over-year to 3,491 and there were 2,711 units in inventory, 16.2% lower than last year and half the levels traditionally seen in April.

Ann-Marie Lurie, chief economist at CREB, says “persistently high-interest rates” have driven demand toward more affordable properties in the market while contributing to growth of listings for higher-priced properties.

She says supply of homes priced below $500,000 have reported a 29% decline, amid supply growth in homes priced above $700,000.

Properties were on the market for an average of 20 days before selling in April, down 14.4% from last year.