The Calgary Real Estate Board says home sales in the region ended the year on a record high even though December sales fell 31 per cent from a year ago.

The Albertan board says it capped the year with 29,672 sales, including 1,204 last month.

The December sales were not enough to offset gains made earlier in the year, when homes changed hands at a faster pace.

However, the month was marked with higher prices. The board found the median home price rose five per cent from last year to $451,250, while the average price was up four per cent to $495,231 and the benchmark price climbed eight per cent to $518,800.

  • Sign up to get breaking news email alerts sent directly to your inbox

Meanwhile, December's new listings amounted to 1,031, a 16 per cent drop from last year.

The board's chief economist Ann-Marie Lurie says the region's inventory sat at 2,214 units available, making it the lowest level of inventory reported for December in more than a decade.

“Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year,” she said, in a news release. 

“However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year.”

This report by The Canadian Press was first published Jan. 3, 2023.