Ann Arbor Real Estate, attached are the market stats for June 2009! Time to buy is NOW!
Ann Arbor Area Board of REALTORS®
The sales figures for June, reported by the Ann Arbor Area Board of REALTORS®, show some stable market activity, and a few bright spots. The number of units reported sold is slightly under last year, while modest increases in sale price are beginning to show up in Ann Arbor, Ypsilanti, Whitmore Lake, and Saline.
Nationally, pending home sales show a sustained upward trend, rising for four consecutive months with very favorable housing affordability and a firsttime buyer tax credit boosting activity, according to the National Association of REALTORS®.
Lawrence Yun, NAR chief economist, cautions that there could be delays in the number of contracts that go to closing. “Closed existinghome sales have improved but are coming in lower than expected because some contracts are delayed or falling through from the application of new appraisal rules for many transactions,” he said. “Rises in contract activity show buyers are becoming more active even as they face much more stringent loan underwriting standards. Speedy clarification of the appraisal rules could smooth a housing market recovery and support the overall economy.
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