The president of the Windsor-Essex County Association of Realtors (WECAR) says the local real estate market continues to be 'stagnant'.
According to WECAR's monthly report, 467 homes were sold in July, which is the same total amount of homes sold in July 2023.
Home sales had been dropping month over month since this past March.
The Bank of Canada has twice now reduced its key interest rate and sits at 4.5 per cent.
Despite these cuts, Maggie Chen says buyers are still feeling reluctant.
"Right now the average sale price in July is almost $600,000, so the affordability is still the biggest hurdle for all the buyers right now, that's why they are very cautious of moving forward with that purchase decision."
The average price of a home in July moved to $599,248, up 8.15 per cent compared to an average price of $554,081 in July 2023.
The association also reports that 1291 homes were listed for sale last month, a 20.65 per cent increase over the 1,070 homes listed during the same time a year ago.
Chen says one of the reasons for the increase can be attributed to unsold homes being taken off the market and being relisted.
"If the property got into market but couldn't sell for the price that the seller is happy with, sometimes what happens, that's what I've been seeing a lot of times that they got relisted. So they pull it off the market, put back into the market in July. Technically, you know, it is a new listing, as a new inventory, but it is not new new."
She says people tend not to make as many real estate purchases in August as they are away on vacation.
"For whoever is going to buy in August probably will put the plan on hold for a bit, until September. So seasonal wise, August will be a slower month, compared to the month of September, or the month of July, usually."
Chen says she hopes to see another interest rate cut in September and has high hopes for the future.
Overall home sales are down 2.32 per cent year to date at 3,033 sales, compared to 3,105 at this time last year.