Home sales fell 3.5 percent year-over-year in August to 4,950 units compared to 5,128 units the previous year, according to the August 2019 RE/MAX of Southeastern Michigan Housing Report. This is a greater decrease than the nation’s home sales drop of 1.6 percent, and is down slightly from the region’s July number of 4,992 homes sold.
“As buyers continue to show reluctance in putting their homes on the market, August saw a decrease of the number of new listings coming on the market,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan in Troy. “The shortage of homes available is evident in the lower August home sales numbers and will impact early fall home sales as well.”
The median sales price in the region increased 5.6 percent to $226,863, up from $214,881 year-over-year. In July, the median sales price was $225,406. Nationally, the median sales price increased 5.7 percent from the previous year to $263,000.
Houses spent an average of 31 days on the market, up four days from the previous year and the previous month. Nationally, homes spent an average 44 days on the market, an increase of one day.
There is a 3.2 month supply of houses on the market, down from a 3.8 month supply the previous year. In July, there was a 3.1 month supply, and nationally, August’s supply was 2.8 months.’ A supply of six months is considered balanced.
Home sales fell the most in Detroit, which saw a 17.7 percent decrease to 358 homes from 435 homes in August 2018. Wayne County saw an 8 percent decrease to 1,802 houses, and Macomb County saw a decrease of 3.4 percent to 1,076 homes. Oakland County’s home sales stayed flat with a 0.5 percent increase to 1,776, and Livingston County saw an increase of 3.1 percent to 296 homes.
The median price increased across all four counties and Detroit, with Detroit seeing the highest increase – a 25.7 percent bump from $35,000 to $44,000. The median price increased by 12 percent to $196,000 in Macomb County and 7.4 percent to $145,000 in Wayne County. Livingston County saw an increase of 5.5 percent to $290,000, and Oakland County’s median price stayed flat with a 0.7 percent increase to $276,450.
Houses spent the most days on the market in Detroit – 49 – but Detroit was the only listing in the report that saw a decrease in the number – down 9.3 percent from 54 to 49. Homes in Wayne County spent 30 days on the market, the same as the previous year, and homes spent 31 days on the market in Livingston County, up from 28 in August 2018. Homes in Oakland County also spent 31 days on the market, up from 26, and 30 in Macomb, up from 24.