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