National Real Estate Commentary

U.S. existing-home sales rose 2.0% month-over-month and 0.8% year-over-year to a seasonally adjusted annual rate of 4.01 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters forecasted a rate of 3.92 million units. Regionally, sales increased on a monthly basis in the West, South, and Northeast, but declined in the Midwest.

Nationally, 1.55 million units were listed for sale heading into August, up 0.6% from the previous month and 15.7% higher than the same time last year, representing a 4.6-month supply at the current sales pace, according to NAR. Inventory is now at its highest level since May 2020, a shift that has helped slow price growth in many markets. As a result, the national median existing home sales price edged up just 0.2% year-over-year to $422,400.

August-Local Activity

Closed Sales decreased 2.9 percent for Residential homes and 9.3 percent for Condo homes. Pending Sales decreased 5.1 percent for Residential homes and 3.1 percent for Condo homes. Inventory increased 16.8 percent for Residential homes and 16.6 percent for Condo homes.

The Median Sales Price increased 5.5 percent to $290,000 for Residential homes and $275,000 for Condo homes. Days on Market increased 6.5 percent for Residential homes and 22.6 percent for Condo homes. Months-Supply of Inventory increased 12.0 percent for Residential homes and 14.8 percent for Condo homes.

“As we prepare to move from summer into fall, home buyers have more choices than they have had all year,” said Karen Kage, CEO, Realcomp II Ltd. “While median sales prices remain fairly consistent, inventory is at its highest August levels in 5 years.”

August Comparisons – Res & Condo Combined - All MLS

• New Listings decreased by .4% from 14,529 to 14,466 Year-Over-Year (YOY). New Listings decreased from 15,404 Month-Over-Month (MOM), a decrease of about 6.1%.
• Pending Sales decreased by 4.9% from 10,345 to 9,839 YOY. Pending Sales increased from 9,778 MOM, an increase of approximately 1%.
• Closed Sales decreased by 3.7% from 10,530 to 10,138 YOY. Closed Sales decreased from 10,507 MOM, a decrease of approximately 3.5%.
• Average Days on Market (DOM) increased by 3 days from 31 to 34 YOY. Average Days on Market increased from 31 MOM.
• Median Sale Price increased by 5.1% from $275,000 to $289,000 YOY. Median Sale Price decreased from $297,500 MOM, a decrease of 2.85%.
• Percentage of Last List Price Received decreased slightly by .4% from 99.3% to 98.9% YOY. Percentage of Last List Price Received decreased from 99.4% MOM, a difference of .5%.
• Inventory of Homes for Sale increased by 16.8% from 21,993 to 25,679 YOY. Inventory of Homes for Sale increased from 25,062 MOM, an increase of 2.5%.
• Month’s Supply of Inventory increased by 16% from 2.5 to 2.9 YOY. Month’s Supply of Inventory increased from 2.8 MOM, an increase of .1 months.
• Average Showings per Home decreased from 7.7 to 5.6 YOY. Average Showings decreased from 5.7 MOM, a difference of .1 showings.
• Listings that were both listed and pended in the same month were at 4,034. This represents 27.9% of the new listings for the month and 41% of the pended listings. Listings that were both listed and pended in the same month decreased from 4,328 MOM.

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

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

August 5-Year Perspectives -- Residential & Condos Combined -- Genessee County Numbers

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

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

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

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

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

August 5-Year Perspectives -- Residential & Condos Combined -- Washtenaw County Numbers

August 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