National Real Estate Commentary
U.S. existing-home sales improved for the second consecutive month, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month.
Total housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over-year, for a 3.8-month supply at the current sales pace. Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing-home price of $406,100, a 4.7% increase from one year earlier.
December-Local Activity
Closed Sales increased 0.4 percent for Residential homes but decreased 0.9 percent for Condo homes. Pending Sales decreased 3.6 percent for Residential homes and 3.7 percent for Condo homes. Inventory increased 7.9 percent for Residential homes and 10.8 percent for Condo homes.
The Median Sales Price increased 12.6 percent to $260,000 for Residential homes but decreased 0.8 percent to $245,000 for Condo homes. Days on Market increased 8.1 percent for Residential homes and 13.2 percent for Condo homes. Month’s Supply of Inventory increased 5.3 percent for Residential homes and 15.0 percent for Condo homes.
“Homes on the market are continuing to hold their value while inventory rises,” said Karen Kage, CEO, Realcomp II Ltd. “Pent up demand continues to fuel the marketplace even as interest rates hold steady.”
December Y-O-Y Comparison -- Residential & Condos Combined -- All MLS
- New Listings decreased by 9.1% from 7,187 to 6,536.
- Pending Sales decreased by 3.6% from 6,107 to 5,885.
- Closed Sales increased by .2% from 7,602 to 7,620.
- Average days on Market (DOM) increased by 3 days from 37 to 40.
- Median Sale Price increased by 10.6% from $234,999 to $259,900.
- Percentage of last list price received decreased slightly by .3% from 98.4 to 98.1%.
- Inventory of Homes for Sale increased by 8.3% from 16,891 to 18,292.
- Month’s Supply of Inventory increased by 10.5% from 1.9 to 2.1.
- Average Showings per Home decreased from 6.2 to 5.5.
- Listings that were both listed and pended in the same month were at 1,796. This represents 27.5% of the new listings for the month and 31% of the pended listings.
December 5-Year Perspectives -- Residential & Condos Combined -- All MLS
December 5-Year Perspectives -- Residential & Condos Combined – City of Detroit Numbers
December 5-Year Perspectives -- Residential & Condos Combined -- Lapeer County Numbers
December 5-Year Perspectives -- Residential & Condos Combined -- Livingston County
December 5-Year Perspectives -- Residential & Condos Combined -- Macomb County Numbers
December 5-Year Perspectives -- Residential & Condos Combined -- Oakland County Numbers
December 5-Year Perspectives -- Residential & Condos Combined -- St. Clair County Numbers
December 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
Also, see Realcomp's 2024 Annual Report on the Southeast Michigan Housing Market - Now Available!
