The number of single-family detached homes being sold is increasing year-over-year for the second straight month.

The Fort McMurray REALTORS say 73 homes were sold last month compared to the 50 in July 2019.

The average price, which was over $474,000, is down around $84,000 from last year. These homes also averaged around $38,000 less than the 57 that were bought in June.

Overall, since the start of 2020 368 single-family detached homes have been sold for an average price of around $468,000.

Meanwhile, there are 137 new listings for homes, rowhomes, and apartments- putting the inventory at 427.

“This is the lowest level of available product on the market in July since 2007,” said the Fort McMurray REALTORS.

“The reduction in inventory levels has helped reduce the amount of oversupply in the market. While this has helped create some recent stability in monthly prices, it has not been enough to offset previous declines as year-to-date prices remain lower than levels recorded last year.”

The monthly report includes Fort McMurray, Gregoire Lake Estates, Saprae Creek, and Anzac and can be found on the Fort McMurray REALTORS’ website.