Good news for the home sales report for July 2011. The number of homes sold in July was up 17.8% for Oakland County and the median sale price was up for 7.4%. Pending sales for the entire MLS region is up 4.1%, showing signs of a improving market.
The number of foreclosed homes on the market is down, so this should have a direct impact on pricing. However all Realtors are having a hard time with appraisals. A new report shows that 16% of all sales are canceled because of appraisal issues.
The number of home sales is up from 17.8% from July 2010 to 2011 from 1380 to 1626. The number of homes under contract is up by 4.1%.
The report shows that there are fewer homes on the market. The inventory is down 24.5% from July 2010 to 2011 from 10,794 to 8,150. The number of foreclosed homes for sale fell 7.3% from 478 to 443.
With the number of homes for sale dropping, buyers are having less to pick from. This should cause prices to go higher. With mortgage rates being at a all time low I know its a great time to buy. The report compares Oakland County Michigan , July 2010 to July 2011 and is provided by Realcomp2, Michigan largest MLS
