Home sales in November fell more than 4 percent when compared year over year, while home sale prices rose 5 percent in the region compared to the same month last year, says the latest monthly report from Realcomp II in Farmington Hills.
“We saw a downturn in the number of units sold, but I believe that is directly connected to the fewer number of foreclosure sales,” says Karen Kage, CEO of the multiple listing service. “For example, if you look at the Detroit area just by itself, sales are down 18 percent, but when you look at the number of foreclosure sales, those were down 30 percent. At the same time, what that means is you’ll see prices coming up because it was the foreclosure sales that was driving prices down.”
In Oakland County, sales dropped nearly 3 percent compared year over year to about 1,350 sales, while median sale prices increased nearly 4 percent to more than $192,000.
Macomb County home sales decreased nearly 1 percent in November to 825 sales compared to the same month last year, while home prices increased nearly 5 percent to a sales price of $131,000.
In Livingston County, sales declined nearly 10 percent to 229 sales compared year over year, while home sale prices increased 4 percent to $208,000.
In Wayne County, while home sales dropped nearly 7 percent compared year over year, home sale prices increased nearly 18 percent to $100,000 compared to November 2014.
“This is the first month in a while where we’ve actually seen a reduction or fewer closed sales, but it’s nothing to panic about, it’s just the market stabilizing,” Kage says.
She says she expects home prices and sales to level off over the next few months.
