National Real Estate Commentary
U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.
Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling
quickly, with the typical home spending 33 days on the market nationwide, down from 38 days the month before.
April-Local Activity
Locally speaking, Closed Sales increased 12.1 percent for Residential homes and 7.5 percent for Condo homes. Pending Sales decreased 0.4 percent for Residential homes but increased 2.8 percent for Condo homes. Inventory increased 7.8 percent for Residential homes and 14.4 percent for Condo homes.
The Median Sales Price increased 7.9 percent to $260,000 for Residential homes and 6.0 percent to $265,000 for Condo homes. Days on Market decreased 7.9 percent for Residential homes and 5.7 percent for Condo homes. Months-Supply of Inventory increased 12.5 percent for Residential homes and 16.7 percent for Condo homes.
“The marketplace continues to show positive signs including significant rises year-over-year in important categories such as inventory and closed sales,” said Karen S. Kage, CEO of Realcomp. “A deeper dive, further, shows that nearly 5,200 listings were both listed and pending in April – around a 50 percentile for both.”
April Y-O-Y Comparison -- Residential & Condos Combined -- All MLS
- New Listings increased by 13.2% from 11,326 to 12,824.
- Pending Sales increased by 0.1% from 9,259 to 9,265.
- Closed Sales increased by 11.5% from 7,744 to 8,633.
- Average days on Market (DOM) decreased by 2 days to 35 days.
- Median Sale Price increased by 6.8% from $243,500 to $260,000.
- Percentage of last list price received increased slightly by 0.1% from 99.8% to 99.9%.
- Inventory of Homes for Sale increased by 8.7% from 14,847 to 16,146.
- Months-Supply of Inventory increased by 12.5% from 1.6 to 1.8.
- Average Showings per Home decreased from 12.7 to 11.4.
- Listings that were both listed and pended in the same month were at 5,197. This represents 40.5% of the new listings for the month and 56.1% of the pended listings.
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 -- 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 -- 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
