Affordable housing depends on three key elements: income, mortgage rates, and housing prices. Higher wages expand buying power, while stagnant wages challenge affordability. When mortgage rates drop, generally, monthly payments decrease, making housing more affordable. However, a slight increase in rates can quickly reduce affordability,…
In our Southeast market, year to date sales are running even with last month and prices are up about 6% compared to last year. New listing inventory is about even with last month. Showing activity is up across Michigan markets, up 36% from last year.…
In most markets, the inventory shortages are subsiding some as new listings are more readily available. While January new pendings were up from December, they still lagged behind January of ’23 and January closed sales were slow in most markets. Looking ahead, with continued strong…
The lack of inventory had a negative impact on 2023 sales and depleted inventory levels held sales volume down. Through the first half of 2023, prices were down from the prior year. That flipped in June and since then monthly average prices have been up.…
The 2023 market was defined by strong buyer demand reined in by limited inventory. Despite the inventory and interest rate challenges of 2023, buyers persisted. They continue to look for updated and well-maintained homes and when they see them, the nails come out. Potential sellers…
Heading through the holidays and the balance of the year, expect sales and prices to do their usual year-end fade as a result of depleted inventory quantity and quality. It’s important to note that the declining sales and prices have more to do with our…
Buyers continue to face depleted and picked-over inventory. Post-pandemic inventory levels have dramatically dropped since 2019. The inventory levels on October 1st are down by 28% compared to last year and by 60% compared to 2019. Due to the rapid sale of prime new listings,…
As we transition from summer to fall, the Southeast Michigan real estate market shows signs of both resilience and evolution. August’s data brings a mixed bag of trends that indicate slight adjustments in the market, but overall, demand remains strong and enduring. Here is the…
Over-Asking Sales Remain High Despite Slower Market 2023 sales have been driven, or restricted by the arrival of new listings. The slight decline in listings over the past few months has been resulting in a gradual reduction in new pendings and closed sales. Expect the…
The Southeast Michigan real estate market continues to see historic trends as we move through the summer of 2023. While inventory has dropped significantly, down 32% compared to June of 2022, strong demand remains unabated. Despite depleted inventory quantity and quality, prices are at historic…