As readers of my blog have already noted, I'm hooked on statistics. My exclusive "Total Market Overview" (or TMO, for short) has served me and my clients well since 1996.
But I'm not the only one who tracks statistics in the real estate market. Our local Board of Realtors also keeps track of market statistics every month. Here's their latest commentary:
For the second month in a row, the average list and sales prices are up over last year for
residential properties, according to the Ann Arbor Area Board of REALTORS®. Average list
and sales price shows a gain of 9.33 percent and 6.75 percent respectively over last month
and an 8.06 percent and 7.28 percent over last year. While the total number of transactions
still trail over last year, activity has been good.
Lawrence Yun, senior economist for the National Association of REALTORS® said “There’s
been an unusual hit to home sales, starting in March when subprime problems emerged and
more recently when problems spread to jumbo loans, with many potential buyers on the
sidelines. However, the jumbo loan market is now beginning to settle, and FHA-insured
loans are helping to fill the subprime vacuum. Nationally, the volume of existing-home sales
this year will be better than 2002, which was the second year of the housing boom.”
The mortgage markets will calm further in the months ahead, but it’s important to
underscore the fact that conventional loans – the vast majority of available financing – are
available to creditworthy borrowers, “ Yun said. “FHA modernization could buffer the fallout
of subprime loans, which would raise our sales forecast in the future.”
If you'd like to see the statistics which the local Board tracks, you can see them here.