National Real Estate Commentary
U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.
Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.
September-Local Activity
Closed Sales decreased 8.6 percent for Residential homes and 13.5 percent for Condo homes. Pending Sales decreased 6.2 percent for Residential homes but increased 1.8 percent for Condo homes. Inventory increased 14.6 percent for Residential homes and 28.3 percent for Condo homes.
The Median Sales Price increased 6.3 percent to $271,000 for Residential homes and 2.3 percent to $264,900 for Condo homes. Days on Market increased 6.9 percent for Residential homes and 2.9 percent for Condo homes. Months-Supply of Inventory increased 13.0 percent for Residential homes and 27.3 percent for Condo homes.
“Decreasing interest rates should continue to play a factor in home seller confidence in listing their homes,” said Karen Kage, CEO, Realcomp II Ltd. “And more homes on the market means more choices for potential buyers – a win-win for all.”
September Y-O-Y Comparison -- Residential & Condos Combined -- All MLS
- New Listings increased by 4.2% from 12,308 to 12,827.
- Pending Sales decreased by 5.3% from 9,074 to 8,597.
- Closed Sales decreased by 9.2% from 9,745 to 8,853.
- Average days on Market (DOM) increased by 3 days from 29 to 32.
- Median Sale Price increased by 5.9% from $255,000 to $270,000.
- Percentage of last list price received decreased slightly by .8% from 99.7% to 98.9%.
- Inventory of Homes for Sale increased by 16.2% from 19,805 to 23,021.
- Months-Supply of Inventory increased by 18.2% from 2.2 to 2.6.
- Average Showings per Home decreased from 7.4 to 6.8.
- Listings that were both listed and pended in the same month were at 3,529. This represents 27.5% of the new listings for the month and 41% of the pended listings.
September 5-Year Perspectives -- Residential & Condos Combined -- All MLS
September 5-Year Perspectives -- Residential & Condos Combined – City of Detroit Numbers
September 5-Year Perspectives -- Residential & Condos Combined -- Lapeer County Numbers
September 5-Year Perspectives -- Residential & Condos Combined -- Livingston County
September 5-Year Perspectives -- Residential & Condos Combined -- Macomb County Numbers
September 5-Year Perspectives -- Residential & Condos Combined -- Oakland County Numbers
September 5-Year Perspectives -- Residential & Condos Combined -- St. Clair County Numbers
September 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
