The Calgary Real Estate Board (CREB) says February home sales were up nearly 23 per cent from last year as new listings rose.

The board says sales totalled 2,135 units, while the volume of sales in dollars rose 41.3 per cent to $1.25 billion.

New listings were up 13.6 per cent to 2,711, while inventory was down just over 14 per cent from last year. 

Ann-Marie Lurie, chief economist at CREB, says strong demand and low supply are continuing to drive price gains in the city.

The benchmark price across all home types was $585,000 for the month, up more than 10 per cent from a year earlier. 

Properties were on the market for an average of 24 days before selling in February, down almost 27 per cent from last year. 

This report by The Canadian Press was first published March 1, 2024