Home prices rise as inventory challenges continue in Sask.

In most areas of Saskatchewan, it’s getting more expensive by the month to buy a home.

According to the June report from the Saskatchewan Realtors Association, the ‘benchmark’ price – the price of a typical home –  in Saskatchewan went up by more than $2,000 between May and June, rising from $329,600 to $331,000.

“Our market continues to demonstrate resilience amid interest rate hikes, ongoing inflationary pressures, and concerns over a national recession,” association CEO Chris Guerette said in a statement.

There were a total of 1,691 sales reported across the province in June. That represents a six-per-cent decline from the same period in 2022, but still above the 10-year average.

In Regina, 367 homes were sold, down nearly 10 per cent over last year. Inventory levels in Regina were also at their lowest reported level in nearly 10 years, dropping by 30 per cent.

The price of a typical home still went up from $316,100 in May, to $318,700 in June.

In Saskatoon, there were 541 sales last month, an increase of about two per cent over the same time last year. The benchmark price of a home in Saskatoon went up from $380,100 to $381,400, while inventory was 40 per cent below the 10-year average.

While the price of a home in most cities went up month over month, Swift Current, North Battleford and Yorkton saw both monthly and yearly price decreases.