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The Calgary Real Estate Board says last month delivered the market’s lowest March inventory level since 2006 as home sales fell about 41 per cent from a year ago.

The Alberta board says sales in Calgary for the month totalled 2,432, but have slowly begun to climb from the start of the year.

New listings amounted to 3,318, down about 40 per cent from the prior March, while inventory sat at 3,233, down 26 per cent from a year ago.

The average price was almost unchanged last March as it edged down 0.39 per cent to hit $535,743.

The benchmark price, however, was up almost one per cent year-over-year to $541,800.

The board’s chief economist Ann-Marie Lurie says the numbers indicate the city is experiencing a sellers’ market, where supply is the main challenge.

“Existing homeowners may be reluctant to list as they struggle to find an acceptable housing alternative in this market,” she said, in a press release.

“At the same time, higher lending rates can also reduce the incentives for existing homeowners to list their home.”

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