Home sales in metro Detroit fell 11.8% in August as the market continued to adjust to the expiration of federal tax credits.
Sales fell to 4,221 in August, compared with 4,785 in August 2009, according to Realcomp figures released Monday.
Median home sales prices rose by nearly 17% during the month, to $70,000, as fewer foreclosure sales were in the mix. The number of foreclosure sales fell by 33% in metro Detroit, to 1,809 in August. Non-foreclosure sales were up 15.5%, to 2,412, in the metro area.
• Database: Check sales prices in your neighborhood
The metro area, as defined by the Farmington Hills-based multiple-listing service, includes Livingston, Macomb, Oakland and Wayne counties. The sales figures included are those reported as closed during the month by Realtors who are members of the listing service.
Of those counties, Wayne saw the biggest decline last month, with 1,736 home sales, down 20.7% from 2,188 sales in August 2009.
Macomb County sales were off by 0.1%, from 857 to 856; Livingston County sales fell 5.6%, from 213 to 201, and Oakland County sales dropped 6.5%, from 1,527 to 1,428.
Betty Warmack, a Realtor with Real Estate One in St. Clair Shores, said that sales also are down because it’s still difficult for many potential homeowners to get financing.
“A lot of people also are thinking they will save their money and wait awhile,” Warmack said.
Warmack said that there is a good selection of homes on the market, but some sellers still have their homes overpriced.
“A lot of sellers can’t adjust to this lower-priced environment,” she said.
Related Posts
- US pending home sales stuck at 22-year low despite dip in rates
- Home prices kept climbing even as existing home sales tanked last month
- Existing home sales sank to slowest pace in 30 years in 2023
- Home prices could jump 5% in the next 12 months as high mortgage rates freeze the housing market, Zillow economists say
- Homebuilders are liking today’s housing market
Tags: Detroit, Housing Market Conditions, Housing Market News