National Real Estate Commentary
U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.
Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.
July-Local Activity
Locally, Closed Sales increased 2.9 percent for Residential homes but decreased 2.6 percent for Condo homes. Pending Sales decreased 5.5 percent for Residential homes and 3.6 percent for Condo homes. Inventory increased 14.8 percent for Residential homes and 30.3 percent for Condo homes.
The Median Sales Price increased 5.7 percent to $280,000 for Residential homes and 3.8 percent to $268,950 for Condo homes. Days on Market increased 12.0 percent for Residential homes and 3.3 percent for Condo homes. Months Supply of Inventory increased 20.0 percent for Residential homes and 31.6 percent for Condo homes.
“Significant upticks in Homes on the Market and New Listings on the Market bode well for the summer selling season,” said Karen Kage, CEO, Realcomp II Ltd. “This comes at a good time as interest rates also move in the right direction.”
July Y-O-Y Comparison -- Residential & Condos Combined -- All MLS
- New Listings increased by 8.2% from 13,288 to 14,380.
- Pending Sales decreased by 5.3% from 10,113 to 9,579.
- Closed Sales increased by 2.2% from 9,682 to 9,895.
- Average days on Market (DOM) increased by 3 days from 26 to 29.
- Median Sale Price increased by 5.3% from $265,000 to $279,000.
- Percentage of last list price received decreased slightly by .6% from 100.6% to 100.0%.
- Inventory of Homes for Sale increased by 16.6% from 18,087 to 21,093.
- Months-Supply of Inventory increased by 20% from 2.0 to 2.4.
- Average Showings per Home decreased by 1.5 from 8.3 to 6.8.
- Listings that were both listed and pended in the same month were at 4,548. This represents 47.5% of the new listings for the month and 47.5% of the pended listings.
July 5-Year Perspectives -- Residential & Condos Combined -- All MLS
July 5-Year Perspectives -- Residential & Condos Combined – City of Detroit Numbers
July 5-Year Perspectives -- Residential & Condos Combined -- Livingston County
July 5-Year Perspectives -- Residential & Condos Combined -- Macomb County Numbers
July 5-Year Perspectives -- Residential & Condos Combined -- Oakland County Numbers
July 5-Year Perspectives -- Residential & Condos Combined -- Wayne County Numbers
*high points noted with an asterisk.
Note: These numbers represent real estate market activity in the lower part of Michigan. Be sure to contact a REALTOR® for their expertise about local markets. Find a REALTOR® in your market at www.MoveInMichigan.com.
Realcomp Shareholder Boards & Associations of REALTORS®:
- DABOR, Andrea Kuentz, CEO, 313-278-2220
- DAR, Sharon Armour, EVP, 313-962-1313
- ETAR, Laura VanHouteghen, 810-982-6889
- GPBR, Bob Taylor, CEO, 313-882-8000
- LUTAR, 810-664-0271
- LCAR, Terri Fratarcangeli, EVP, 810-225-1100
- NOCBOR, Patricia Jacobs, EVP, 248-674-4080
