National Real Estate Commentary
U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and
19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.
November-Local Activity
Closed Sales decreased 1.7 percent for Residential homes and 5.1 percent for Condo homes. Pending Sales increased 0.5 percent for Residential homes but decreased 6.9 percent for Condo homes. Inventory increased 12.2 percent for Residential homes and 19.6 percent for Condo homes.
The Median Sales Price increased 9.5 percent to $265,000 for Residential homes and 10.4 percent to $265,000 for Condo homes. Days on Market increased 15.6 percent for Residential homes and 25.7 percent for Condo homes. Months Supply of Inventory increased 9.1 percent for Residential homes and 22.7 percent for Condo homes.
“The City of Detroit continues to be a bright spot for residential real estate with pending sales at their highest November levels since 2021,” said Karen Kage, CEO, Realcomp II Ltd. “This underscores what our REALTORS® continue to report as higher than usual activity – especially for this time of year.”
November Y-O-Y Comparison -- Residential & Condos Combined -- All MLS
- New Listings decreased by 1.9% from 9,614 to 9,431.
- Pending Sales decreased by .4% from 7,322 to 7,293.
- Closed Sales decreased by 2.1% from 8,222 to 8,052.
- Average days on Market (DOM) increased by 6 days from 32 to 38.
- Median Sale Price increased by 10.4% from $240,000 to $265,000.
- Percentage of last list price received decreased slightly by .4% from 98.6 to 98.2%.
- Inventory of Homes for Sale increased by 13.2% from 19,209 to 21,739.
- Month’s Supply of Inventory increased by 13.6% from 2.2 to 2.5.
- Average Showings per Home decreased from 6.5 to 6.3.
- Listings that were both listed and pended in the same month were at 2,495. This represents 26.5% of the new listings for the month and 34.2% of the pended listings.
November 5-Year Perspectives -- Residential & Condos Combined -- All MLS
November 5-Year Perspectives -- Residential & Condos Combined – City of Detroit Numbers
November 5-Year Perspectives -- Residential & Condos Combined -- Lapeer County Numbers
November 5-Year Perspectives -- Residential & Condos Combined -- Livingston County
November 5-Year Perspectives -- Residential & Condos Combined -- Macomb County Numbers
November 5-Year Perspectives -- Residential & Condos Combined -- Oakland County Numbers
November 5-Year Perspectives -- Residential & Condos Combined -- St. Clair County Numbers
November 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
