July sales slowed slightly as the real estate community catches its breath following a busy spring, according to numbers released by the Ann Arbor Area Board of REALTORS®.
Inventory of available properties for sale has finally increased after many months of scarcity. 608 single-family residential properties were added to the market in July, a 22.3 percent increase over the 497 new listings in July 2013. Residential listings are up 3.2 percent for the year. Sales have decreased slightly, with 369 single family homes sold in July, a decrease of 3.2 percent over the 381 homes sold in July last year. Total residential sales are down 3 percent for the year.
Listing and sale prices continue to increase, with July listing prices up 9 percent from last July at $291,248 compared to $267,557 in July 2013. The average sale price for a single-family residence in July was $286,692, an increase of 8.6 percent from last year's average sale price of $263,978. Based on closings in July, 25 percent of homes sold above the listing price, while 19 percent sold at list price.
Lawrence Yun, National Association of REALTORS® chief economist, noted that housing fundamentals are moving in the right direction. "Inventories are at their highest level in over a year and price gains have slowed to much more welcoming levels in many parts of the country. This bodes well for rising home sales in the upcoming months as consumers are provided with more choices," he said.