Southeast Michigan August 2019 Housing Report

Available inventory rose 8% in the past month—it’s 13% higher than a year ago. Both July new pendings and closed sales were up 2%. YTD sales are just short of even with last year but both average price and price per square foot are up 3%. Entry-level activity continues to shrink while the middle and upper markets expand. Despite a 12% increase in listings priced under $150k, sales in that range have dropped 6%. At the same time, there’s been a slight decrease in the availability of over-$500k listings, yet those sales are up 3%. Activity varies greatly by market area and price range.