Re/Max of Southeast Michigan has released its August housing report, which shows a 3.1 percent increase in home sales (5,234 homes sold) in the past month and a sale price increase of 4.2 percent to $202,063 as compared to the same period a year ago. There were 4,707 homes sold in July.
“There was a bounce back in the number of homes sold in August after a slight decrease in July,” says Jeanette Schneider, vice president of Re/Max of Southeast Michigan. “The tight home inventory is helping sellers get their homes sold quickly and at top dollar as home values continue to rise. Home-hunters face stiff competition and a need to be ready to take swift action.”
Additionally, the number of days on the market has decreased by nine days last month from the same period a year ago, making the yearly average 26 days (35 days in Aug. 2016).
All four counties in the southeast region reported an increase in home sales from Aug. 2016 to Aug. 2017. Livingston County (4.8 percent) and Wayne County (5.2 percent) experienced a higher sales growth than Macomb County (2.4 percent) and Oakland County (1.1 percent).
The median sales price also indicated growth from all four counties, with Wayne County (9.8 percent) seeing the largest increase to $127,000. Oakland county sale prices grew from to $254,250 (6.0 percent), Macomb County by 2.4 percent ($169,000), and Livingston County by 1.2 percent ($258,000).
Since August 2016, national home sales have decreased by 0.8 percent with a median sales price increase of 5.4 percent, and a seven day decrease of days on the market.