Housing sales in southwest Michigan continue look promising
Kalamazoo, Michigan – December 18, 2012 – The Greater Kalamazoo Association of REALTORS® (GKAR) announced their response today to the Monthly Cumulative Sales Report for November.
The data continues to display encouraging housing news for Kalamazoo area home buyers and home sellers alike. Residential units sold (closed) in November 2012 indicate a 9.24% increase in homes sold compared to November of 2011. The average residential selling price continued to increase compared to November of 2011, up 21.25% to $152,384. This significant rise in home prices can mostly be attributed to the sale of some higher end homes as compared to the previous period in 2011.
November marks the seventeenth consecutive month of an increase in transactions from the same time the previous year. Residential units sold (closed) are 18% higher, year to date, than in 2011.
“Decreased inventory remains at lower levels than in recent years. current housing inventory is less than seven months,” said Robin Pompey, Chief Executive Officer of GKAR.
Recent average interest rates on 30-year fixed mortgages remain low at 3.32%, which puts the rate below its average of 3.94% a year ago. Additionally, rates for 15-year fixed mortgages averaged 2.66% and the 5-year adjustable rate is averaging 2.7%.
About Jack GesmundoAmerican Village Builders was established with a focus on quality and fairness. We believe in building better homes through quality design and materials, superior craftsmanship, and comprehensive, caring service.
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