The April 2022 Housing Report from RE/MAX of Southeastern Michigan in Troy showed a 5.5 percent decrease in home sales year-over-year to go along with an 8 percent price increase in the same time.
“Buyers that carried over from last year along with buyers that have come into the market now that they see rates rising have kept demand relatively strong on the buy side of the market,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan.
“Rising interest rates are impacting some buyers, specifically first-time buyers who may have to adjust purchase price or location to accommodate their budget. Sellers continue to benefit from quick sales, but with fewer offers coming in than a year ago as buyers have become more pragmatic on which homes, they will get actively engaged in bidding on.”
Home sales dropped from 3,388 in April 2021 to 3,201 in April 2022, while the median sales price rose from $267,100 to $288,500 in the same time. The number of days home spend on the market dropped by a day year-over-year to 19, and five days from this March.
The number of months’ supply, of which six is considered balanced, remains unchanged and depleted, at 1.1 months this April, last April, and this March. The number of pending sales increased 1.3 percent to 3,809 from 3,670 year-over-year, and up even more month-over-month from 3,667.
Broken down into year-over-year county-specific data, home sales were down the most in Oakland County from 1,286 to 1,148 for a total of 10.7 percent. Livingston County dropped 6.4 percent from 188 sales to 176, and Wayne County dropped 4.2 percent from 1,415 to 1,355. Macomb County was the only that saw an increase in sales, from 499 to 522 homes sold, or 4.6 percent. The city of Detroit saw an 18.9 percent increase from 328 to 390.
The median price saw the largest jump in the city of Detroit, moving from $66,750 to $80,000, or 19.9 percent. Macomb and Livingston counties saw similar gains of 11.4 percent from $224,500 to $250,000 and 12.3 percent from $342,398 to $384,500, respectively.
The number of days spent on the market were the highest in the city of Detroit, increasing 29.4 percent from 34 to 44 days, while Wayne County saw a 19 percent increase from 21 days to 25. Oakland County homes were the hottest, dropping 21.1 percent from 19 days to 15. Macomb County saw the metric drop from 17 to 14 days, or 17.6 percent, while Livingston County saw the smallest decrease of 9.1 percent from 22 to 20 days.