Monthly home sales in Regina dropped in June for the first time this year according to a report from the Saskatchewan Realtors Association (SRA).

The organization reported a total of 506 homes were sold in Regina in June, a decline from 532 in May.

“While sales have been trending down in the province this year, we cannot lose sight of the fact that sales levels are still amongst the highest levels ever recorded in our market,” Chris Guérette, CEO of the SRA, explained in the report.

“These higher relative levels are still being achieved despite the sharp rise in lending rates.”

Both the median and average home prices declined in Regina, according to the data in the monthly report.

The median price dropped to $307,000 from $325,000 and the average price fell to $333,835 from $340,856 in May.

At the same time, the benchmark price, estimating the cost of an average home in Regina, increased from $328,200 to $329,100 from May to June.

For the second month in a row, the level of new listings has been consistent with the 10-year average. However, the overall supply level for Saskatchewan, which is currently at 6,893 units, is 27 per cent lower than “traditional levels” according to the SRA.

“Moving forward we do anticipate that further rate increases will weigh on sales and eventually support more balanced conditions,” Guerette said in the report.

“However, Saskatchewan continues to benefit from relative affordability, improving migration and job growth, which should help offset some of the impact that higher rates would have on the housing market.”

While prices dipped slightly in the Queen City, the benchmark price for a home in Saskatchewan increased by 4.6 per cent, totaling $333,400.