N.B. home sales continue to rebound

New Brunswick recorded another month-over-month increase in home sales in March.

A total of 656 units were sold last month, according to the New Brunswick Real Estate Board.

While that was below average for this time of year, it marked the third consecutive month-over-month increase.

“Although there has been a decline in sales when compared to last year, there’s a growing sense of momentum in many regions of the province,” Mike Power, chair of the board, said in a news release.

Power noted that new listings have surpassed 1,000 for the first time since last fall, helping to push up the number of active listings.

There were 1,051 new residential listings in March and active listings numbered 2,388 at the end of the month.

“Market balance is stable, but with a widely anticipated decrease in interest rates on the horizon, potential buyers may be pushing out their purchases until they have confirmation of lower rates,” said Power.

“As the traditionally active spring market kicks off, only time will tell if buyers continue to wait on the sidelines … or if concerns of tighter more competitive markets will motivate them to return in the near term.”

The benchmark price for a single-family home in New Brunswick increased nearly 10 per cent year-over-year to $296,700.

The months of inventory — the number of months it would take to sell current inventories at the current rate of sales activity — numbered 3.6 at the end of March, down from the long-run average of 6.9 months for this time of year.