The Calgary Real Estate Board says the market hit a new May record for sales as the number of properties that changed hands reached 3,120 last month.

The Albertan board says the sales amount to an almost two per cent increase from last May, when sales totalled 3,063.

Despite the record, year-to-date sales are still almost 30 per cent behind where they were last May and the board says the market has still not shifted completely away from the declines seen at the start of the year.

The board says it continues to see fewer new listings than last year, with the number of properties listed on the market last month dropping 15 per cent to 3,652.

The market's benchmark price was up almost three per cent at $557,000, while the average price pushed up roughly six per cent to $551,853.

The board's chief economist says the numbers reflect a higher interest rate environment and recent rental rate gains, which are driving more people to seek apartment and condo units.

This report by The Canadian Press was first published June 1, 2023.