The local real estate market continues to post positive numbers, according to the Ann Arbor
Area Board of Realtors.
July residential sales are up 8 percent over last year, with condo
sales holding even with July 2012. Inventory of listings is growing, with 11 percent more
total new listings than last year. Residential listings jumped 14 percent in July over 2012.
Even with the growing inventory, prices continue to rise. The average residential sale price
of $263,978 for July is an 11 percent increase over July 2012. Properties are also moving
much faster than last year; the days on market dropped from 61 days last July to 36 days
in July 2013.
Lawrence Yun, NAR chief economist, said tight inventory is continuing to drive home prices.
"There continue to be more buyers than sellers, and that is placing pressure on home
prices, with multiple bids common in some areas of the country," he said. "Higher interest
rates are now causing sales to level out, but the tight supply conditions look to be with us
for the balance of the year in most of the country."
Median home prices continued to rise in the majority of metropolitan areas in the second
quarter, with the national year-over-year price showing the strongest gain in seven-and-ahalf
years, according to the latest quarterly report by the national Association of Realtors®.
Despite rising prices and higher mortgage interest rates, a companion breakout of income
requirements to buy a median-priced home on a metro area basis shows most buyers
remain well positioned to afford a home in their area.