Report: Low Mortgage Rates, Weather Push Home Sales, Prices Up in November

Home sales across metro Detroit increased 10.6 percent year-over-year in November, while the median sales price jumped 14 percent, according to the monthly housing report from RE/MAX of Southeastern Michigan.
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Home sales and the median sales price increased in metro Detroit from the previous year. // Stock photo

Home sales across metro Detroit increased 10.6 percent year-over-year in November, while the median sales price jumped 14 percent, according to the monthly housing report from RE/MAX of Southeastern Michigan.

Over the course of the month, 4,146 homes were sold, up from 3,749 the previous year and down from 5,609 in October 2020. Nationally, home sales grew by 19.7 percent.

“Mortgage rates reached new historic lows, and this had buyers out looking to find a home to take advantage of this financing opportunity,” says Jeanette Schneider, executive vice president of RE/MAX of Southeastern Michigan. “While we usually see a seasonal slowdown at this time of year, showing activity remained higher than last year across the metro Detroit area, and pending deals are up 26 percent over last year. Add to this the favorable weather so far this season, and we anticipate this trend will continue, and we will end the year strong.”

The median sales price increased to $244,625, up from $214,499 the previous year and $237,250 the previous month. The median sales price across the country increased 13.8 percent to $292,000.

Homes spent an average 30 days on the market, down eight days from November 2019 and down six days from October 2020. Across the U.S., homes spent 36 days on the market, down 13 days from the year before.

There was a 1.4 months supply of homes in November 2020. The year before, there was a three months supply, and there was a 1.2 months supply in October 2020. A supply of six months is considered balanced. Nationally, a 1.8 months inventory was available.

Home sales increased year-over-year in Livingston County (9.2 percent to 226 homes sold), Macomb County (7.2 percent to 948 homes), Oakland County (13.7 percent to 1,437 homes), and Wayne County (10.2 percent to 1,535 homes). However, home sales decreased in Detroit by 12.9 percent to 283 homes.

Homes had the highest median price in Livingston County — $303,500 — a 10.4 percent increase from the previous year. In Oakland County, homes sold for an average $295,000, an 11.3 percent increase. In Macomb County, the average price was $217,000, a 20.6 percent increase. Wayne County’s median sales price was $163,000, an increase of 18.1 percent. In Detroit, homes sold for an average $60,000, a 33.6 percent increase.

Homes in Detroit spent the most days on the market — 57, up from 47 the year before. All four counties saw a decrease in the number of days homes spent on the market – 32 down from 43 in Livingston County, 26 down from 36 in Macomb, 29 down from 37 in Oakland, and 31 down from 36 in Wayne.

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