It's that time of the month again, the National Association of Realtors has released yet more data about home sales and inventory levels and the news for the US as a whole is fantastic! Locally here in the Midwest, things are very exciting! Existing home sales in the region surged a huge 14.4% in October to a pace of 1.43 million and are 28.8% above a year ago. The median price in the Midwest was $146,600, a gain of 1.1% from October 2008. (Prices are trending up!) Nationally, sales of single-family, townhomes and condominiums jumped 10.1% to a seasonally adjusted annual rate of 6.10 million units in October, a massive increase of 23.5% above October 2008 and the highest sales activity since February 2007! This increase has lead to a decline in inventory (see our recent report on Chelsea Real Estate: Inventory Shrinking), which fell at the end of October by 3.7% to 3.57 million existing homes available for sale, which represents a 7 month supply at the current sales pace, with unsold inventory totals that are 14.9% below a year ago. This all of course follows on from the consecutive increase in pending sales. Naturally this sudden spike in figures, as Lawrence Yun has identified is partly driven by the First Time Homebuyer Tax credit which was originally in its final few weeks in October before being extended. Now figures are expected to level off. However with the extended and expanded tax credit as well as some of the lowest mortgage rates we have seen since records began back in 1971 it can be expected that the level of sales will remain high. So if you are looking at moving to or within Ann Arbor or the surrounding communities then now is the best and probably last chance to snap up a great home at a great price. Click here to search Ann Arbor Real Estate using our complimentary Ann Arbor Real Estate MLS Search service. Alternatively please contact Kathy Toth and the team if you need more specific assistance in your Ann Arbor Real Estate needs. Search all listings in Michigan with pictures and tours...Free! Kathy Toth & Team: Ann Arbor Area Real Estate Experts www.KathyToth.com Keller Williams Realty