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Calgary home sales tick down in May amid limited supply of lower-priced options

Calgary's housing market saw a slight decline in home sales in May, with a 0.8% decrease from last year, according to the Calgary Real Estate Board. A total of 3,092 properties were sold, largely impacted by fewer sales in the lower-priced detached and semi-detached categories.

Despite the overall drop, sales activity was still 34% higher than the long-term average for May. The benchmark price for all home types rose to $605,300, a 9.5% increase from the previous year.

New listings increased by 18.7% year-over-year, totaling 4,333, but many were in higher price ranges. This trend led to growth in sales of more expensive homes. The number of active listings rose by 5.9% to 3,402 units.

Ann-Marie Lurie, chief economist at CREB, noted that while there are more new listings, the availability of lower-priced homes remains limited. This has contributed to higher sales figures for costlier properties.

On average, homes were on the market for 19 days before selling, a 20.2% decrease from last year, indicating a faster-moving market despite the dip in sales.

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