RE/MAX of Southeastern Michigan today released its latest housing report of metro Detroit for the month of June.
The shortage of available homes continues to impact the market, driving up home prices. A total of 5,271 homes were sold this June, meaning home sales have increased 0.6 percent from last year. Home prices are 7.5 percent higher than last year, with a June median sales price of $206,502. Oakland County saw the biggest increase in home prices over last year at 10 percent. However, Livingston, Macomb, and Oakland counties each saw decreases in total home sales.
The average number of days on market (from listing to signed contract) for June was 28 days, which is down 11 days from last year.
“Median sales prices continued their way upward while many counties saw a slip dip in actual homes sold,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan. “This is a result of buyer demand outpacing available inventory. While the market is favoring sellers at the moment and they are seeing their home value rise, buyers can still take advantage of favorable interest rates when they find the right home.”
National housing trends show home sales are up 1.4 percent from last year with a median sales price of $245,000.
The data for local market and county-specific trends is supplied by Boards of Realtors and their Multiple Listing Services. National housing trends are based on MLS data in 53 metro areas with at least one metro from each state.