Re/Max’s July Housing Report Indicates a Sellers’ Market, Prices Jump 8.1%

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Re/Max of Southeastern Michigan today released its July housing report, which indicates home sales have decreased 0.6 percent since July 2016. Additionally, the median sales price has increased 8.1 percent to $206,938, and the average number of days on the market has decreased 10 days to a total of 26 days.

“The minor slowdown in July homes sales wasn’t surprising coming on the heels of sales increases in both May and June,” says Jeanette Schneider, vice president of Re/Max of Southeastern Michigan. “The market continues to favor sellers based on the supply of available homes for sale not matching the number of buyers looking for homes in the market. We continue to encourage buyers to be prepared to act quickly when a home that meets their needs becomes available.”

Home sales in Livingston County were static with 293 homes sold last month and in July 2016, whereas Macomb County saw a 8.5 percent decrease (1,163 to 1,064), Oakland County sales decreased 2 percent (1,731 to 1,697), and Wayne County sold 6.7 percent more homes (1,549 to 1,653) year over year.

All four counties experienced increases in reported median home sales prices, with Livingston County reporting 8.6 percent increases, Macomb reporting 3.8 percent, Wayne County totaling an 8 percent increase, and Oakland County experienced a 10.6 percent increase in median home sale prices.

Nationally, home sales decreased .8 percent since July 2016 and the median sales price increased 7.4 percent to $239,950. The average number of days on the market decreased eight days from 2016, to a total of 45 days.

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