National Real Estate Commentary
U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.
There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.
October-Local Activity
Closed Sales decreased 1.0 percent for Residential homes but increased 5.7 percent for Condo homes. Pending Sales decreased 0.3 percent for Residential homes but increased 4.3 percent for Condo homes. Inventory increased 14.6 percent for Residential homes and 23.1 percent for Condo homes.
The Median Sales Price increased 6.0 percent to $265,000 for Residential homes and 4.0 percent to $260,000 for Condo homes. Days on Market increased 12.5 percent for Residential homes and 20.0 percent for Condo homes. Month’s Supply of Inventory increased 13.0 percent for Residential homes and 21.7 percent for Condo homes.
“The latest report demonstrates that despite interest rate challenges and previous inventory constraints, individuals continue to move forward with their plans to buy and sell” said Karen Kage, CEO, Realcomp II Ltd. “We look forward to this continuing into the New Year.”
October Y-O-Y Comparison -- Residential & Condos Combined -- All MLS
- New Listings increased by 6.6% from 12,187 to 12,997.
- Pending Sales increased by .2% from 8,976 to 8,994.
- Closed Sales decreased by .2% from 9,443 to 9,424.
- Average days on Market (DOM) increased by 5 days from 31 to 36
- Median Sale Price increased by 6.0% from $250,000 to $265,000
- Percentage of last list price received decreased slightly by .7% from 99.2% to 98.5%
- Inventory of Homes for Sale increased by 15.7% from 19,954 to 23,079.
- Month’ Supply of Inventory increased by 13% from 2.3 to 2.6
- Average Showings per Home decreased from 7.1 to 6.7
- Listings that were both listed and pended in the same month were at 3,665. This represents 28.2% of the new listings for the month and 40.8% of the pended listings.
October 5-Year Perspectives -- Residential & Condos Combined -- All MLS
October 5-Year Perspectives -- Residential & Condos Combined – City of Detroit Numbers
October 5-Year Perspectives -- Residential & Condos Combined -- Lapeer County Numbers
October 5-Year Perspectives -- Residential & Condos Combined -- Livingston County
October 5-Year Perspectives -- Residential & Condos Combined -- Macomb County Numbers
October 5-Year Perspectives -- Residential & Condos Combined -- Oakland County Numbers
October 5-Year Perspectives -- Residential & Condos Combined -- St. Clair County Numbers
October 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
