The price of a single-family home in the Central Okanagan dropped last month as sales were down 25%, the third consecutive year-over-year decline.

October saw the quietest month for real estate since February, and total sales of all property types are 30% below the decade average.

Figures from the real estate analysis Rennie Advance report show that new listings fell to their lowest level this year, with the highest inventory since 2023.

Single-family homes in the Okanagan were hit the hardest, with sales dropping by at least 20% across the region. Sales were also down in Kamloops, but only by 2.7%.

Numbers from the Association of Interior Realtors show the benchmark prices in the Central Okanagan for a single-family home dropped 2.2%, and in the South Okanagan 4.6%. Kamloops saw a small decline of less than 1%.

The benchmark prices for a single-family home in the Central Okanagan is now $1,003,100, and in the South Okanagan $706,900.

The North Okanagan was the only region where single-family home prices increased, albeit by just 1.5%, while sales were down 20%. The benchmark price of a single-family home sits at $755,100.

Kamloops bucked the trend with townhomes, with both sales and prices increasing. The benchmark cost of a townhome in Kamloops now sits at $511,900, a 1.6% increase from this time last year.

Sales of townhomes were down 22% in the Central Okanagan, and 12.5% in the North Okanagan. But while sales dropped, prices still climbed a touch, with the Central Okanagan seeing a 3.2% increase and the North Okanagan a 7.4% increase.

The benchmark price of a townhome in the Central Okanagan now sits at $727,400 and $594,200 in the North Okanagan.

The South Okanagan experienced a drop in both prices and sales, with a townhome now going for $484,000, a 2.4% decrease from last year.

The benchmark price for a Central Okanagan condo dipped 3.8%, as sales dropped 10% and are now at 34% below the 10-year average.

Sales in the North Okanagan jumped by more than 50%, but only 17 condos were sold. A condo in the Central Okanagan now goes for $465,100, and in the North Okanagan $305,000.

The South Okanagan saw a 30% slump in sales and a 6.2% drop in prices, with a condo now costing $408,100.

Kamloops fared slightly better with a 17% increase in condo sales, but prices dropped 2.5% to $359,200.