Home sales decrease for 3rd straight month in metro Detroit, report finds

House for Sale
Posted at 10:55 AM, Oct 22, 2021
and last updated 2021-10-22 10:55:25-04

(WXYZ) — Home sales are down for the third straight month in metro Detroit, according to the latest report from RE/MAX of Southeastern Michigan.

According to the report, home sales are down 8.1% from this time last year and sale prices are up 11.7% over last year.

"The fall market has a slightly more seasonal feel to it this year as compared to last year, but active buyers continue to give the market a boost," RE/MAX of Southeastern Michigan President Jeanette Schneider said in a statement.

Compared to last month though, the median sales price is down slightly and the number of days on market is up slightly.

The report found that the median sales price for September was $275,138, compared to $281,425 in August. The number of days on market was an average of 25, compared to 21 in August. It's still down from 32 days last September.

The months supply of housing increased slightly to 1.6 months compared to August. It's the same as last September, and a supply of six months is considered a balanced housing market.