July home sales and median sales price increased year-over-year, according to the RE/MAX of Southeastern Michigan Housing Report released today.
Home sales increased by 3.8 percent to 5,351 homes from July 2017’s 5,153 homes. This is also up from June 2018’s 4,788. Nationally, home sales increased by 1.8 percent.
The median sales price increased by 7.9 percent year-over-year to $206,250 from $191,238. This is down from the June 2018 sales price of $218,875. The national median sales price was $250,575, which was up 4.4 percent year-over-year.
“For the first time this year, monthly home sales were up over the previous year,” says Jeanette Schneider, vice president of RE/MAX of Southeastern Michigan in Troy. “This higher level of activity helped push home prices higher. Buyer demand for homes remains high, and we anticipate a strong finish to the summer selling season.”
Houses spent an average of 32 days on the market, which was the same number as July 2017. This is up from June 2018, however, when houses spent 27 days on the market on average. Houses spent 41 days on the market on average nationally. This is down four days from July 2017.
There was a two-month supply of houses in July 2018, which is down from 2.2 months in July 2017 and 2.6 months in June 2018. A six-month supply is considered balanced. Nationally, there was a 2.9-month supply of homes in July 2018.
With a decrease of 3.5 percent, Macomb County saw a drop in home sales. Livingston, Oakland, and Wayne county home sales increased by 3.5 percent, 4 percent, and 8.4 percent, respectively.
The median sales price increased for all four counties – 11 percent in Livingston County, 13 percent in Macomb County, 2.9 percent in Oakland County, and 4.7 percent in Wayne County.
Macomb and Oakland counties saw a decrease in days on the market, by 13. 8 percent and 2.8 percent, respectively. Days on the market in Livingston and Wayne counties increased by 6.5 percent for both.