HOUSING MARKET HOLDS STEADY

The housing market will hold close to present levels in the months ahead, according to Lawrence Yun, the National Association of REALTORS® senior economist. "Existing-Home sales should be relatively stable over the next few months, holding in a modest range, with some pent-up demand growing from buyers who’ve been on the sidelines," he said.

"Mortgage disruptions will hold back sales over the short term, but long-term fundamentals are favorable. A modest up turn is projected for existing-home sales toward the end of the year, with broader improvement to include the new-home market by the middle of 2008."

The Ann Arbor Area Board of REALTORS® July Housing Statistics demonstrate the economic outlook of Lawrence Yun’s projections. When compared with July 2006, median residential and condominium sales prices are on the rise. New listings show a decline of 13 percent, while pending sales increased 21 percent and average list and sale prices increased by $2,730 and $3,970 respectively.