Home sales stayed flat year-over-year in May while the median sales price increased 4.4 percent and houses spent six more days on the market, according to the most recent RE/MAX Housing Report of Southeastern Michigan.
This year, 4,631 houses were sold in May, while 4,627 were sold in May 2018, and 3,971 were sold in April 2019. Year-over-year home sales stayed largely flat across the U.S. as well, showing a 0.4 percent increase.
The median sales price went from $215,750 a year ago to $225,259 this year. In April of this year, the median sales price was $212,125. Nationally, the median sales price is $259,000, which is up 3.4 percent year-over-year.
On average, houses in the region stayed on the market for 34 days, up from 28 in May 2018. This is down from 42 days in April 2019. Nationally, houses spent 47 days on the market, up two days from last year.
In May 2019, there was a 2.7-months supply of houses on the market, down from a 2.9-months supply in May 2018 and up from a 2.3-months supply in April 2019. The national supply is at 2.6 months. A supply of six months is considered balanced.
“Additional inventory came on the market, providing a slight increase of options available for buyers to consider,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan. “At the same time, mortgage interest rates hit a low for the year, making now a great time to be a buyer. For sellers, homes are selling relatively quickly and at prices that continued to inch upward.”
Home sales increased the most in Livingston County – 15.4 percent – from 273 homes in May 2018 to 315 homes in May 2019. Detroit had the second highest percent increase – 8.3 percent – from 337 in May 2018 to 365 in May 2019. Wayne County saw a slight increase of 1.5 percent to 1,728 homes, while Macomb and Oakland counties saw decreases of 1.7 percent and 2.9 percent to 1,023 and 1,565, respectively.
The median price increased by 18.4 percent in Detroit to $40,000. Livingston County saw an increase of 11.9 percent to $300,000, and Macomb and Wayne counties saw increases of 3 percent and 4.1 percent to $187,500 and $139,500, respectively. The price fell in Oakland County by 1.8 percent to $274,035.
Homes spent 50 days on the market in Detroit, up from 49 days the year before. They spent 39 days on the market in Livingston County, up from 27; 34 up from 31 in Wayne County; 31 up from 27 in Oakland; and 30 up from 27 in Macomb.