Housing sales in Washtenaw County dropped by double digits last month – a result of rising interest rates.
The latest data from the Ann Arbor Area realtors association show a 24 percent drop in sales from year-ago levels.
Tracy Rose with the realtors association, says sales are down partially because fewer people are selling and inventory is low, but also because of rising mortgage rates.
“I think the interest rates have taken some buyers out of the market, because I think the buyers who were looking last year for $2,000 a month, and now they’re seeing that the same house will cost them $2,600 a month. I think a lot of buyers are waiting and hoping the rates will come down."
Rose says there is still keen interest in the pristine houses on the market. There are just few of them available. And for the less-than-pristine house, she says, buying is just not as competitive as it was a year ago.
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