FOR IMMEDIATE RELEASE: Home Sales in the Kalamazoo Area Continue Upward with Increased Prices Kalamazoo, Michigan – June 12, 2013 – The Greater Kalamazoo Association of REALTORS® (GKAR) announced their response today to the Monthly Cumulative Sales Report for May. The data continues to display encouraging housing news for Kalamazoo area home buyers and home sellers alike. Residential homes sold (closed) in May 2013 indicate a 22.3% increase compared to May of 2012. In addition, the average residential selling price last month compared to May of 2012 also indicated a 16.6% increase. “We have not seen the number of closed transactions at this level, since June 2007,” said 2013 GKAR President, Shelly Pattison. “With the increasing demand in the market and lower inventory levels, we are seeing an increase in selling prices.” The total residential sales in May increased 8.29% from the previous month. This marks the twenty third consecutive monthly increase in transactions from the same month, the previous year. The Pending Homes Sales Index, a forward-looking indicator, decreased slightly by 1.7% to 504 units based on contracts signed in May, compared to April in 2013. “The market conditions are favorable for buyers and sellers and you will want to be sure to utilize the expertise of a REALTOR® to assist with marketing, contract terms and negotiating,” said Robin Pompey, Chief Executive Officer of GKAR. “Housing inventory increased from last month but remains at extremely low levels, currently just below five months.” Recent rates on 30-year fixed mortgages continue to increase although still remain historically low at 3.91%, which puts the rate above its average of 3.67% a year ago. Additionally, rates for 15-year fixed mortgages average 3.03% and the 5-year adjustable rate is averaging 2.74%.
Posted on: Fri, 12 Jul 2013 13:31:29 +0000