Home sales in southeast Michigan were down 9.1 percent in June year-over-year to 4,788 homes, while the median sales price increased 6 percent from last year to $218,875, according to RE/MAX of Southeastern Michigan’s June 2018 Housing Report.
The number of home sales is up from May 2018, when 4,629 homes were sold. The median sales price is also up from May 2018, when it was $215,975.
“Home prices continued the upward trend we have been seeing for the past couple of years, which is welcome news for sellers and homeowners,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan. “Not so welcome by buyers is the lack of inventory they find in the market. The inventory challenges are, to a large degree, fueling both the slower sales numbers and the higher home prices.”
A 2.6 month supply of homes was available in June, down from 3.1 months in June 2017 and up from 2.2 months in May. A six-month supply is considered balanced. The average number of days on the market did not change from June 2017, but it decreased by one day from May 2018. Nationally, there is a 2.7 month supply of houses, with an average of 42 days on the market. This is down five days from June 2017.
Home sales decreased by 8.8 percent in Livingston County, 9.8 percent in Macomb, 11.5 percent in Oakland, and 6.4 percent in Wayne. Nationally, home sales have decreased 5.5 percent year-over-year.
The median price increased for all four counties: Livingston County saw an increase of 6.4 percent ($279,000), Macomb’s price increased by 3.4 percent ($180,000), Oakland’s increased by 7.7 percent ($280,000), and Wayne’s went up 5 percent ($136,500). The national median sales price increased by 5.1 percent to $258,500 year-over-over.
The number of days on the market increased for Livingston and Macomb counties, with a 13.8 percent and 4.2 percent increase, respectively. The number of days on the market decreased for Oakland and Wayne counties by 3.8 percent and 13.3 percent, respectively.