Metro Detroit home sales are down year-over-year while the median sales price has increased, according to the August 2018 RE/MAX of Southeastern Michigan Housing Report.
Home sales were at 5,133 in August 2018, down 1.6 percent from 5,230 in August 2017. However, this was up from 4,964 sales in July 2018. Nationally, home sales are down 1.1 percent year-over-year.
The median sales price in metro Detroit continued to increase and was at $214,975, up 6.7 percent from August 2017’s $201,513. The price was also up from $207,000 in July 2018. Nationally, the median sales price had increased 3.7 percent to $248,500.
“Home sales were down slightly compared to last year, but the more interesting story is that August home sales were up over July,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan in Troy.
“August typically signals the start of a transition to a fall market, but we didn’t see that this year, and more new listings came on the market this August over a year ago. Prices increases continued due to the limited overall supply of homes available in the market.”
The average number of days on the market increased by two to 28 days year-over-year. It was also up from July 2018’s 25 days. This is shorter than the national average, which has dropped four days year-over-year to 43 days.
A 3.1 months supply of houses was available, down from 3.6 months in August 2017 and up from 2.7 months in July 2018. Nationally, there is a three-months supply. A six-months supply is considered balanced.
By county, home sales decreased by 14.1 percent in Livingston County, 6.7 percent in Macomb County, and 2.9 percent in Oakland County. Home sales increased by 4.4 percent in Wayne county.
Median sales price increased for each county, by 7.4 percent, 3.7 percent, 8 percent, and 6.5 percent for Livingston, Macomb, Oakland, and Wayne, respectively.
Days on the market by county saw a jump for Livingston county with an increase of 21.7 percent. Macomb and Wayne counties also saw increases of 8.3 percent and 3.4 percent, respectively. Days on the market in Oakland County decreased by 7.1 percent.