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Residential real estate activity continues to show a positive trend, according to October sales data released by the Ann Arbor Area Board of REALTORS®.

Finally, the market is easing bit with more inventory. New listings for single family homes were up 12 percent for the month of October, with 436 new listings compared to 389 in October 2013. There were 611 new listings for all property types, an increase of 10 percent over last year at 556.

This year, 314 single family homes sold in October, compared to 280 homes sold in October 2013, an increase of 12 percent. Additionally, 69 condominiums sold, an increase of 11.3 percent, compared to 62 last October. Sales of all property types showed an increase of 11 percent over October 2013, with 417 sales posted.

Listing and sale prices continue to climb. The average listing price in October was $261,829, a 10 percent increase from last year at $237,210. The average sale price is up 9.6 percent at $254,754 for the month of October, compared to $232,299 in October 2013.

According to Lawrence Yun, Chief Economist and Senior Vice President of the National Association of REALTORS®, consumers are becoming ever more confident in the economy. Continuing job gains, lower gasoline prices, and rising home values are likely contributing to the sentiment. The latest consumer confidence index reached a 7-year high mark. In October, the index was 94.5, out of 100.

See more housing stats.

 

October 2014 Stats Charts Page 1