The Okanagan’s summer was predictably hot once again, but the region’s housing market entered its seventh consecutive month of cooling sales.

There were 584 sales in September across the Okanagan Mainline Real Estate Board (OMREB), down from 709 the previous month, while the average price of a home in the region inched up 5% over August and 8% over last September.

Photo Credit: NowMedia.

“We’re seeing a shift across the region with all signs, save average price, pointing to a market continuing to transition from a sellers’ market to one that would favour buyers and sellers more equally,” said OMREB President Marv Beer.

“While average price, at $534,943, crept past both the previous month’s pricing and this time last year, houses are sitting on the market for longer so it’s likely only a matter of time before we start to see downward pressure on price,” said Beer.

The region's average "days on market" jumped to 90 for September, compared to 78 last month and 78 during September of last year. Available housing inventory has also increased 29% compared to last year, with even more housing projects slated to finish construction in the next 12-months.

Photo Credit: NowMedia.

According to OMREB, that increase, along with a rising housing inventory, indicates the market is undergoing a normalizing trend that could lead to buyers being more discerning.