Okotoks house prices inched higher in August to reach a new all-time high for the sixth time this year.
According to statistics released by the Calgary Real Estate Board, the benchmark price, which the board says is the price of a typical home in an area, stood at $622,700 up slightly from the record set the previous month.
The benchmark price had four consecutive record-setting months earlier this year, reaching $605,500 in February, $610,700 in March, $617,200 in April and $621,400 in May before a moderate decline to $615,800 in June. It rebounded to $622,200 in July before another modest gain last month.
The benchmark price is now up 7.2 per cent year over year.
There were 67 sales last month, making it the busiest August in the last decade. Of those sales, half were over $700,000, including four in excess of $1 million.
With 84 new listings last month, inventory levels improved marginally but remain nearly 47 per cent lower than long-term trends, according to the real estate board.
In High River, the benchmark price increased for the fifth straight month to $491,400, putting it up 9.3 per cent year over year.
There were 40 sales and 46 new listings in High River last month.
A comparison of detached benchmark prices across the region shows Okotoks at $705,300, Calgary at $762,600, Airdrie at $655,800, Cochrane at $681,300, High River at $572,100 and Chestermere at $803,700, which are up anywhere from 7.2 to 9.8 per cent year over year.
