According to the August 2022 regional housing report from RE/MAX of Southeastern Michigan in Troy, home sales continue to tumble, down 15 percent over last August, from 4,344 homes sold to 3,691.
Despite the year-over-year drop, the sales number is up from July, which saw 3,347 home sales. The median sales price continues to rise, going to $292,488 from $280,100 last year — up 4 percent — and down slightly from July’s $296,200.
“Buyers are seeing some relief with home sales slowing and median home prices dropping for the past two months,” says Jeanette Schneider, president of RE/MAX of Southeastern Michigan. “Interest rates continue to be a factor buyers are watching, but often more important to buyers is whether they have the needed down payment and whether they can afford the monthly payment. And although the shift we are seeing in the market favors buyers, sellers are still in a good position to sell their home quickly.”
Houses are spending more days on the market on average, jumping 3 days from 21 to 24 year-over-year and up from 20 days month-over-month. The number of pending sales is down 10.1 percent from August 2021’s 4,350 to this August’s 3,912. Like homes sales and days spent on market, it saw an increase month-over-month from 3,650.
The months’ supply of housing, of which 6 is considered a balanced market, saw a slight dip to 1.9 both month-over-month and year-over-year, 2.1 and 2.2 respectively.
County-specific data compared year-over-year shows that home sales took the biggest plunge in Wayne County, dropping 18.7 percent from 1,766 to 1,435. Macomb County dropped 17.6 from 694 sales to 572 while the city of Detroit fell 16.8 percent from 375 to 312. Livingston country saw a drop of 11.7 percent from 257 to 227, with Oakland County rounding out the category with a 10.4 percent drop from 1,627 to 1,457.
The median price spiked the most in the city of Detroit, moving 18.6 percent from an even $70,000 to $83,000. Livingston County’s price rose 9.9 percent from $355,000 to $390,000. Oakland and Wayne counties saw similar increases, climbing 3.2 percent from $344,000 to $355,000 and 2.8 percent from $179,900 to $185,000, respectively. The only county where the price fell was Macomb, registering a 0.6 percent drop from $241,500 to $239,950.
The average number of days homes spent on the market saw the biggest jump in the city of Detroit, moving from 26 days to 42. Wayne County, moving from 20 to 26 days, was the second largest increase and Macomb County was third with an increase of 20 days to 23. Oakland County increase from 21 to 24 days, while Livingston increased from 22 to 24 days.
