After a rebound in July, metro Detroit home sales dropped 11.2 percent year-over-year in August as buyers and sellers await a potential interest rate cut this month, according to the latest RE/MAX of Southeastern Michigan Housing Report.
The report also finds that metro Detroit home prices continue to increase and are up 5.5 percent year-over-year, bringing the median sales price to $335,000. The average metro Detroit home sells in 26 days, four days longer than last year.
“Inventory has been gradually rising, which contributed to August sales nearly matching July’s, though still lower compared to last year,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy.
“Buyer demand remains strong, but many are showing patience, waiting for the perfect home for them before jumping in to make an offer. Sellers who price their home competitively are reaping the rewards with offers at or above asking price. Many potential buyers and sellers are waiting to see what the Federal Reserve does in September and what the potential impact may be to mortgage interest rates.”
Wayne County (which includes Detroit at -15.8 percent) saw the largest drop in home sales at -12.4 percent. Macomb County was next at -11.5 percent. Oakland County saw a -10.6 percent dip in August and Livingston County recorded a modest -4.1 percent decrease in sales.
Macomb County saw the largest jump in home sale prices at 7.6 percent to $275,000, followed by Wayne County up 6.8 percent to $203,000. Detroit was up 13.9 percent to $90,000. Livingston and Oakland counties notched 3.8 percent and 4.1 percent price increases, respectively.
Homes sold the fastest in Oakland County, with an average of 22 days on the market. Homes in Livingston and Macomb counties were on the market for an average of 26 days. Wayne County’s average was 29 days, influenced by Detroit’s 48 days.
