National Real Estate Commentary
U.S. existing-home sales decreased 5.9% month-over-month and 2.4% year-over-year to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of REALTORS® (NAR), as affordability challenges and economic uncertainty weigh on market activity. Sales were down month-over-month in all four regions, with the West experiencing the largest decline, at 9.4%.
Total housing inventory increased 8.1% month-over-month for a total of 1.33 million units heading into April, equivalent to a 4.0-month supply at the current sales pace, according to NAR. Although inventory is up nearly 20% from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing-home price climbing 2.7% yearover-year to $403,700 as of last measure.
April-Local Activity
Closed Sales decreased 10.0 percent for Residential homes and 9.0 percent for Condo homes. Pending Sales decreased 6.9 percent for Residential homes and 5.1 percent for Condo homes. Inventory increased 23.6 percent for Residential homes and 23.6 percent for Condo homes.
The Median Sales Price increased 5.8 percent to $275,000 for Residential homes and 2.8 percent to $272,500 for Condo homes. Days on Market increased 5.6 percent for Residential homes and 23.5 percent for Condo homes. Months-Supply of Inventory increased 29.4 percent for Residential homes and 23.8 percent for Condo homes.
“The planets all moved toward greater alignment as March became April,” said Karen Kage, CEO, Realcomp II Ltd. “With the Spring/Summer season here, these month-over-month increases in sales, pending sales and new listings are all positive signs for the days ahead.”
April Y-O-Y Comparison -- Residential & Condos Combined -- All MLS
- New Listings increased by 7.3% from 12,982 to 13,925 Year-Over-Year (YOY). New Listings increased from 11,580 Month-Over-Month (MOM).
- Pending Sales decreased by 6.6% from 9,806 to 9,154 YOY. Pending Sales increased from 8,400 MOM.
- Closed Sales decreased by 9.9% from 9,091 to 8,194 YOY. Closed Sales increased from 7,012 MOM.
- Average Days on Market (DOM) increased by 4 days from 35 to 39 YOY. Average Days on Market decreased from 47 days MOM.
- Median Sale Price increased by 5.8% from $260,000 to $275,000 YOY. Median Sale Price increased from $260,000 MOM.
- Percentage of Last List Price Received decreased slightly by .6% from 99.9% to 99.3% YOY. Percentage of Last List Price Received increased from 98.7% MOM.
- Inventory of Homes for Sale increased by 23.6% from 15,811 to 19,544 YOY. Inventory of Homes for Sale increased from 17,479 MOM.
- Month’s Supply of Inventory increased by 22.2% from 1.8 to 2.2 YOY. Month’s Supply of Inventory increased from 2.0 MOM.
- Average Showings per Home decreased from 11.4 to 7.1 YOY. Average Showings decreased from 7.5 MOM.
- Listings that were both listed and pended in the same month were at 4,750. This represents 34.1% of the new listings for the month and 51.9% of the pended listings. Listings that were both listed and pended in the same month increased from 4,013 MOM.
April 5-Year Perspectives -- Residential & Condos Combined -- All MLS
April 5-Year Perspectives -- Residential & Condos Combined – City of Detroit Numbers
April 5-Year Perspectives -- Residential & Condos Combined -- Genessee County Numbers
April 5-Year Perspectives -- Residential & Condos Combined -- Lapeer County Numbers
April 5-Year Perspectives -- Residential & Condos Combined -- Livingston County
April 5-Year Perspectives -- Residential & Condos Combined -- Macomb County Numbers
April 5-Year Perspectives -- Residential & Condos Combined -- Oakland County Numbers
April 5-Year Perspectives -- Residential & Condos Combined -- St. Clair County Numbers
April 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
