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Sales of single family residential properties in October dipped slightly lower than last year, according to the Ann Arbor Area Board of REALTORS®.

307 homes were sold in October, compared to 316 homes sold in October 2015, a difference of 2.8 percent. Condo sales were up 8.4 percent with 77 condos sold in October, compared to 71 a year ago. Overall sales remain robust for the year. Year-to-date, sales for 2016 are 4.1 percent ahead of sales in 2015, with 3,333 homes sold so far this year, compared to 3,201 at this time in 2015.

Lack of inventory continues to challenge buyers. New listings of single family residential properties were down in October, with 324 properties coming on the market, a drop of 23.5 percent compared to October 2015 when 423 properties were listed. Year-to-date, new listings are down 9.5 percent. Through October, there have been 4,571 new listings posted, compared to 4,834 at this time last year.

Prices continue to rise, partly due to the lack of supply. The average listing price for October 2016 was $276,104, an increase of 8.2 percent over the October 2015 average listing price of $255,181. Likewise, the average sale price for October 2016 was $270,111, an increase of 8.4 percent over $249,085 in October 2015.

National Association of REALTORS® Chief Economist Lawrence Yun noted that "In the US, jobs and wages are growing and there is pent-up demand from younger households." Continued low interest rates and the strong economy are expected to drive sales in the coming months.

To see more Ann Arbor Area housing statistics, view the October 2016 Statistics Report.