National Real Estate Commentary

U.S. existing-home sales advanced for the third straight month, climbing 2.2% to a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS® (NAR). Sales were up 9.3% year-over-year, driven largely by purchases of homes priced $500,000 and above. Month-over-month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year-over-year gains.

According to NAR, total housing inventory was 1.15 million units heading into January, a 13.5% decrease from the previous month but a 16.2% increase from the same period one year earlier, for a 3.3-month supply at the current sales pace. Housing supply remains down compared to pre-pandemic levels, and the limited number of homes on the market continues to push sales prices higher nationwide, with the median existing-home price rising 6% year-over-year to $404,400.

January-Local Activity

New listings were up 5% to 8,733, representing the highest January levels since 2022. The Median Sales Price increased 10.2 percent to $249,000 for Residential homes and 6.4 percent to $250,000 for Condo homes. Days on Market increased 14.0 percent for Residential homes and 14.0 percent for Condo homes. Months-Supply of Inventory increased 11.8 percent for Residential homes and 21.1 percent for Condo homes.

Closed Sales decreased 2.1 percent for Residential homes and 5.3 percent for Condo homes. Pending Sales decreased 4.3 percent for Residential homes and 9.5 percent for Condo homes. Inventory increased 13.9 percent for Residential homes and 22.1 percent for Condo homes.

“New home listings continue to move in a very positive direction,” said Karen Kage, CEO, Realcomp II Ltd. “Moreover, the MLS 5-year high in inventory for the second straight month is another very welcome development. Both represent primary drivers for healthy competition and increased sales.”

January Y-O-Y Comparison -- Residential & Condos Combined -- All MLS

• New Listings increased by 5% from 8,310 to 8,728.
• Pending Sales decreased by 5% from 6,903 to 6,558.
• Closed Sales decreased by 2.5% from 6,097 to 5,943.
• Average days on Market (DOM) increased by 6 days from 43 to 49.
• Median Sale Price increased by 9.2% from $228,000 to $249,000.
• Homes sold in the ‘up to $499,999’ price range decreased by 3.7% YOY. Homes sold in the‘$500,000 or more’ price range increased by 20%.
• Percentage of last list price received decreased slightly by .3% from 97.8% to 97.5%.
• Inventory of Homes for Sale increased by 15% from 15,183 to 17,464.
• Month’s Supply of Inventory increased by 17.6% from 1.7 to 2.0.
• Average Showings per Home decreased from 8.4 to 7.9.
• Listings that were both listed and pended in the same month were at 2,597. This represents 29.8% of the new listings for the month and 39.6% of the pended listings.

January 5-Year Perspectives -- Residential & Condos Combined -- All MLS

January 5-Year Perspectives -- Residential & Condos Combined – City of Detroit Numbers

January 5-Year Perspectives -- Residential & Condos Combined -- Lapeer County Numbers

January 5-Year Perspectives -- Residential & Condos Combined -- Livingston County

January 5-Year Perspectives -- Residential & Condos Combined -- Macomb County Numbers

January 5-Year Perspectives -- Residential & Condos Combined -- Oakland County Numbers

January 5-Year Perspectives -- Residential & Condos Combined -- St. Clair County Numbers

January 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