May Average Selling Price Jumps to Highest Since 2007 as Inventory Remains Tight

WASHINGTON, D.C. – June 26, 2013 – (RealEstateRama) — Michigan’s housing market continued its upward swing in May, according to the MLS reports compiled by the Michigan Association of REALTORS®. Over 88% of reporting units reported an increase in average selling price from May 2013 compared to May 2012; with 13 locals reporting an increase at/near 20+%. Statewide the average selling price increased by 11.28% at $125,880 in May 2013 compared to $113,116 in May 2012. May 2013 also reported an increase in single family home sales of 3.57% with 12,383 sales compared to May 2012 sales of 11,956. In the past five years the number of home sales reached over 12,300 just once back in August 2012.

Key Statistics:

$116,140 – 2013 average sales price, YTD
49,891 – 2013 single family units sold, YTD
$5.79 billion – 2013 total sales volume, YTD

Monthly housing statistics for MAR are reported by participating Michigan REALTOR® local boards and associations.

Click here for 2013 May Housing Statistics

Source: Michigan Association of REALTORS®