Metro Detroit home sales fell 4.3 percent year over year in September, according to the latest REMAX of Southeastern Michigan Housing Report. The median home sale price inched up slightly to $331,000. Pending home sales increased 7.8 percent year over year.
While overall home sales dipped 4.3 percent last month, sales in Livingston County improved 10.2 percent to 249 from 226. Sales in Detroit inched up 1 percent to 386 from 382.
Elsewhere, sales in Macomb County dropped 10.9 percent to 871 from 978, in Wayne County, sales went down 4.9 percent to 1,425 from 1,499, and in Oakland County, sales dipped 1.2 percent to 1,349 from 1,366 a year ago.
“September’s market showed buyers are still making moves, with pending sales rising even as closed sales slowed and home prices edged higher,” says Jeanette Schneider, president of REMAX of Southeastern Michigan in Troy.
Prices increased in Detroit and every southeast Michigan county. Detroit prices bumped 5.3 percent to $100,000 from $95,000. Livingston County prices moved up 2.5 percent to $415,000 from $405,000. Macomb County prices jumped 2 percent to $280,500 from $275,000. Home prices in Wayne County improved 1.8 percent to $218.950 from $215,000 and prices in Oakland County nudged up 0.4 percent to $381,500 from $380,000
Additional findings in the report include:
- Homes spent an average of 27 days on the market, one day less than a year ago.
- Housing inventory increased to a 3.4-month supply, up from 3 months in August.
Rising mortgage rates put added pressure on monthly payments, which can lead buyers to adjust their budgets and become more selective,” Schneider says. “For sellers, that makes realistic pricing and a well-presented home especially important. Buyers may still be ready to make a move, but they need to see value.”
