Calgary real estate slides again in November as prices drop 5.1%

Homesales and prices continued their year-over-year decline in November, according to the latest aggregated data from the Calgary Real Estate Board.

A total of 1,263 homes were sold in the city last month, down 28.7 per centfrom November 2014.

Average sale prices were off 5.1 per centyear-over-year, sliding to $460,859.

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Median prices, meanwhile, were down 4.2 per centto $410,149.

The number of active listings stood at 5,316, up 31 per centfrom a year earlier, while the average length of time homes sat on the market climbed 18.4 per centto 45 days.

"The housing market is reflecting the realities of the economic conditions," CREBchief economist Ann-Marie Lurie said in a release.

"Calgary has continued to post job losses in the energy sector, unemployment levels are high, wages are down and recovery expectations have changed. All of these factors have contributed to the weak demand we have seen throughout the year."

Overall, CREB now considersthe real estate market to"favour buyers."

The November numbers continue an autumn trend this year. Average prices in September and October were down about six per cent from the same months in 2014.