National Real Estate Commentary
U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
June-Local Activity
Locally, Closed Sales decreased 17.1 percent for Residential homes and 24.0 percent for Condo homes. Pending Sales decreased 8.9 percent for Residential homes and 12.8 percent for Condo homes. Inventory increased 11.2 percent for Residential homes and 24.8 percent for Condo homes.
The Median Sales Price increased 4.7 percent to $280,000 for Residential homes and 9.2 percent to $280,000 for Condo homes. Days on Market remained flat for Residential homes but increased 20.7 percent for Condo homes. Months-Supply of Inventory increased 15.8 percent for Residential homes and 33.3 percent for Condo homes.
“More homes available in the marketplace means more choices and increased options – an important competitive dynamic,” said Karen Kage, CEO, Realcomp II Ltd. “We are optimistic this trend will continue.”
June Y-O-Y Comparison -- Residential & Condos Combined -- All MLS
- New Listings decreased by 5.1% from 14,144 to 13,424.
- Pending Sales decreased by 9.4% from 10,788 to 9,776.
- Closed Sales decreased by 18.0% from 11,418 to 9,358.
- Average days on Market (DOM) increased by 1 day to 28 days.
- Median Sale Price increased by 5.7% from $265,000 to $280,000.
- Percentage of last list price received decreased slightly by .6% from 101.0% to 100.4%.
- Inventory of Homes for Sale increased by 12.9% from 17,245 to 19,462.
- Months-Supply of Inventory increased by 15.8% from 1.9 to 2.2.
- Average Showings per Home decreased from 11.1 to 9.1.
- Listings that were both listed and pended in the same month were at 4,643. This represents 34.6% of the new listings for the month and 47.5% of the pended listings.
June 5-Year Perspectives -- Residential & Condos Combined -- All MLS
June 5-Year Perspectives -- Residential & Condos Combined – City of Detroit Numbers
June 5-Year Perspectives -- Residential & Condos Combined -- Livingston County
June 5-Year Perspectives -- Residential & Condos Combined -- Macomb County Numbers
June 5-Year Perspectives -- Residential & Condos Combined -- Oakland County Numbers
June 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
