Ann Arbor Area Board of REALTORS®

The White House recently announced additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can lock in lower interest rates and extend the length of their mortgages. For borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.

New Listings increased 2.9 percent for Single Family homes but decreased 8.2 percent for Townhouse/Condo homes. Pending Sales increased 20.7 percent for Single Family homes and 11.6 percent for Townhouse/Condo homes. Inventory decreased 50.3 percent for Single Family homes and 40.1 percent for Townhouse/Condo homes.

Median Sales Price increased 16.9 percent to $380,000 for Single Family homes and 11.4 percent to $245,000 for Townhouse/Condo homes. Days on Market decreased 51.6 percent for Single Family homes and 30.3 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 60.5 percent for Single Family homes and 53.7 percent for Townhouse/Condo homes.

The National Association of REALTORS® reported inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of recordhigh sales prices across the country. Even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.