Metro Detroit home sales fell by 9.4 percent in September as fluctuating mortgage rates left buyers and sellers more cautious about entering the market, according to the latest RE/MAX of Southeastern Michigan Housing Report.
The report also finds that metro Detroit home prices continue to increase, up 7.2 percent year-over-year, bringing the median sales price to $333,025.
“The market seems to be settling into a familiar seasonal rhythm, with September home sales and median home prices dipping slightly from August,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan in Troy. “While the Federal Reserve did cut rates in September, mortgage rates have fluctuated since then, leaving both buyers and sellers cautious about entering the market.
“In this climate, negotiations are crucial as buyers are more focused on finding price points and terms that suit them, often ready to walk away and wait for another opportunity if a deal doesn’t meet their needs.”
Wayne County saw the most significant drop in home sales at -10.7 percent to 1,341 transactions. Oakland County was next with a 9.4 percent drop to 1,013 sales. Oakland County was followed by Macomb County at -9.1 percent to 718, and Detroit at -8.4 percent to 423. Livingston county sales remained at 171.
Oakland County saw the most significant jump in home sale prices at 7.3 percent to $385,000. Macomb County prices jumped 7.1 percent to $281,050, while Wayne County prices improved 6.8 percent to $197,000. Prices in Detroit grew 7.4 percent to $87,000. Livingston County stayed at $385,000.
Homes in Oakland County sold the fastest during September with an average of 24 days on the market. Macomb County was next at 27 days, followed by Wayne County at 28 days. Livingston County properties were on sale for 32 days, and Detroit at 40 days.
