Instead of the predicted fall slowdown, Re/Max of Southeastern Michigan’s October housing report indicates home sales have increased 5.3 percent year-over-year to a total of 4,650 last month, and median sales prices have increased 8 percent to $201,125.
“October saw an increase in home sales over September, which gave the fall market a bit of a boost,” says Jeannette Schneider, vice president of Re/Max of Southeastern Michigan. “Overall the market remains steady with record-low inventory and rising home prices. Buyers are encouraged to keep active in the market as there tends to be less competition at this time of year and sellers are motivated.”
Additionally, homes were on the market for an average of 34 days, an eight day decrease from last year’s timeline from listed to signed contract. Though a six-month supply is considered balanced, October also saw a 2.6 months supply of houses, compared to 2.8 in September and 3.7 in Oct. 2016.
Macomb County led southeastern Michigan last month with 1,056 homes sold, an average price of $167,000, and an average of 30 days on the market.
MLS data from 53 metro areas indicates a 2.5 percent increase in home sales compared to Oct. 2016, a 3.3 percent increase in median sales prices to $224,000, and an average sell time of 51 days on the market.