Total new home remaining inventory decreased compared to the previous month, with 16,139 units.
This included 14,242 condominium apartment units and 1,897 single-family lots, which represent 13.7 months and 4.5 months of inventory respectively, based on average sales for the last 12 months. According to the report, a balanced market typically has nine to 12 months of inventory. Benchmark prices also slightly increased in August when compared to the previous month. The benchmark price for new condominium apartments was $1,089,012, which was down 8.5 per cent over the last 12 months.
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