Home sales up, but lower than last year
Nathan Hurst / The Detroit News
More homes throughout Metro Detroit were sold in August than in July, but the slight end-of-summer uptick still left home sales lower than the same time last year, according to figures released Monday.
A total of 3,763 homes were sold in Wayne, Oakland, Macomb and Livingston counties in August, up 6.4 percent from the 3,538 in July, but off 3.4 percent from the 3,892 sold in August 2006. The numbers were released Monday by Realcomp, the Farmington Hills-based multiple listing service, and tracked sales of existing houses and condominiums in the four southeastern Michigan counties.
Except in Livingston County, homeowners who did sell their houses last month found the process taking more than 10 percent longer, Realcomp found.
Several factors continue to push home prices in the region down and leave properties languishing on the market for longer than in years past.
The Detroit area leads the nation's swelling roster of foreclosures, largely the result of a wave of reckless subprime home loans that's created a glut of homes on the market and prompted a steady slide in prices.
Conditions are even worse in Michigan, where job losses in the manufacturing sector give the state one of the nation's worst rates of unemployment.
In Wayne County, sales dropped to 1,660 last month from 1,700 in August 2006, a 2.35 percent drop. Homes there stayed on the market for an average of 108 days in August, an increase of 10.2 percent increase over last August, when the wait to sell averaged 98 days.
In Oakland County, sales dropped to 1,301 last month from 1,305 in August 2006, a 0.31 percent drop. Homes there stayed on the market for an average of 128 days in August, an increase of 11.3 percent compared with last August's 115 days.
In Macomb County, sales dropped to 609 last month from 682 in August 2006, a 10.7 percent drop. Homes there stayed on the market for an average of 106 days in August, an increase of 10.2 percent over last year, which posted an average of 97 days.
In Livingston County, sales dropped to 193 last month from 205 in August 2006, a 5.85 percent drop. The properties, however, sold more quickly, staying on the market an average of only 127 days this August, compared to 167 days in August 2006, a 23.95 percent improvement.
The price drop in Metro Detroit echoes trends reported late last month by the National Association of Realtors. The association reported a 0.2 percent drop in the national average sales price in July over the same month in 2006, and a 0.6 percent drop in the Midwest.
The drop in sales wasn't unexpected, according to Maureen Francis, a Realtor with SKBK Sotheby's International Realty in Birmingham. She added that the slower pace is hurting sellers more than buyers.
"There are bargains to be found," Francis said, "but the luxury, high-end market here is still thriving. For the average home buyer, the ball is in their court."
Nathan Hurst / The Detroit News
More homes throughout Metro Detroit were sold in August than in July, but the slight end-of-summer uptick still left home sales lower than the same time last year, according to figures released Monday.
A total of 3,763 homes were sold in Wayne, Oakland, Macomb and Livingston counties in August, up 6.4 percent from the 3,538 in July, but off 3.4 percent from the 3,892 sold in August 2006. The numbers were released Monday by Realcomp, the Farmington Hills-based multiple listing service, and tracked sales of existing houses and condominiums in the four southeastern Michigan counties.
Except in Livingston County, homeowners who did sell their houses last month found the process taking more than 10 percent longer, Realcomp found.
Several factors continue to push home prices in the region down and leave properties languishing on the market for longer than in years past.
The Detroit area leads the nation's swelling roster of foreclosures, largely the result of a wave of reckless subprime home loans that's created a glut of homes on the market and prompted a steady slide in prices.
Conditions are even worse in Michigan, where job losses in the manufacturing sector give the state one of the nation's worst rates of unemployment.
In Wayne County, sales dropped to 1,660 last month from 1,700 in August 2006, a 2.35 percent drop. Homes there stayed on the market for an average of 108 days in August, an increase of 10.2 percent increase over last August, when the wait to sell averaged 98 days.
In Oakland County, sales dropped to 1,301 last month from 1,305 in August 2006, a 0.31 percent drop. Homes there stayed on the market for an average of 128 days in August, an increase of 11.3 percent compared with last August's 115 days.
In Macomb County, sales dropped to 609 last month from 682 in August 2006, a 10.7 percent drop. Homes there stayed on the market for an average of 106 days in August, an increase of 10.2 percent over last year, which posted an average of 97 days.
In Livingston County, sales dropped to 193 last month from 205 in August 2006, a 5.85 percent drop. The properties, however, sold more quickly, staying on the market an average of only 127 days this August, compared to 167 days in August 2006, a 23.95 percent improvement.
The price drop in Metro Detroit echoes trends reported late last month by the National Association of Realtors. The association reported a 0.2 percent drop in the national average sales price in July over the same month in 2006, and a 0.6 percent drop in the Midwest.
The drop in sales wasn't unexpected, according to Maureen Francis, a Realtor with SKBK Sotheby's International Realty in Birmingham. She added that the slower pace is hurting sellers more than buyers.
"There are bargains to be found," Francis said, "but the luxury, high-end market here is still thriving. For the average home buyer, the ball is in their court."
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