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Friday, August 14, 2020
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November Single-Family Home Sales Statistical Highlights

November Just Nifty for Sellers
Median Sale Price Up Nearly 20% in City of Detroit; 6% Area Wide

November Real Estate Market Commentary:

In November, the Federal Reserve reduced its benchmark rate for the third time this year. This action was widely anticipated by the market. Mortgage rates have remained steady this month and are still down more than 1 percent from last year at this time. Residential new construction activity continues to rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units.

Closed Sales decreased 4.9 percent for Residential homes and 13.0 percent for Condo homes. Pending Sales increased 0.4 percent for Residential homes and 1.9 percent for Condo homes. Inventory decreased 5.1 percent for Residential homes but increased 13.5 percent for Condo homes.

The Median Sales Price increased 7.3 percent to $184,000 for Residential homes and 6.5 percent to $164,000 for Condo homes. Days on Market increased 2.4 percent for Residential homes and 3.0 percent for Condo homes. Months Supply of Inventory decreased 6.3 percent for Residential homes but increased 16.0 percent for Condo homes.

While many economic signs are quite strong, total household debt has been rising for twenty-one consecutive quarters and is now $1.3 trillion higher than the previous peak of $12.68 trillion in 2008. While delinquency rates remain low across most debt types (including mortgages), higher consumer debt loads can limit future household spending capability and increase risk if the economy slows down.

Single-Family Real Estate Points of Interest:

  • Closed sales decreased by 5.9% from 7,073 to 6,656 for the month of November Y-O-Y.
  • Median Sales Price increased by 5.9% from $169,900 to $180,000 for the month of November Y-O-Y.
  • An average of 5.3 showings per listing were conducted in November, up .3% Y-O-Y.
  • Overall, Days on Market increased by 1 day Y-O-Y from 40 to 41.
  • 2.8% of Residential and Condo On-Market listings are flagged as “lender mediated”. These listings include foreclosures and those marked as short sales. This percentage decreased by .6% Y-O-Y based on the recalculated percentage for November 2018.

November 2019 Sales Summary Report:


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November Single-Family Home Sales Statistical Highlights

November Single-Family Home Sales Statistical Highlights

Last Modified: Tuesday, December 17, 2019