Home sales in markets covered by the Fraser Valley Real Estate Board marked monthly and yearly declines in July 2021.

But there’s something else happening as well in Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.

The FVREB stated in a media release Wednesday (August 4) that the number of homes for sale reached the “lowest for the month since 1981” in July.

Last month ended with a total of 4,901 homes available for sale.

The active listings represent a 10.5 percent decrease from June 2021, and a 33 percent dip compared to July 2020.

FVREB CEO Baldev Gill noted that the region had the “same level of inventory” 40 years ago.

“For the market to reach equilibrium and upward pressure on prices to decrease, we need more inventory,” Gill said in the media release.

The Fraser Valley housing market peaked in March 2021.

In March this year, the board received 5,087 new listings, or an increase of 91 percent compared to March 2020 and a 56 percent rise from February 2021.

Total active inventory by the end of March was 5,012.

As for sales in March 2021, realtors with the FVREB made 3,329 deals.

In comparison, a total of 2,006 properties were sold in the region in July 2021.

The board noted that last month’s sales represent a decrease of 11 percent compared to June 2021, and a 4.5 percent slide compared to the same month in 2020.

In July, the FVREB received 2,431 new listings, a decrease of 31.5 percent compared to last year, and a drop of 22 per cent compared to June 2021.

Board president Larry Anderson said that a slowdown in summer is “typical”.

“We anticipated that once people could travel and enjoy family time safely, they would do so, and we couldn’t be happier for everyone,” Anderson said.