Detroit Regional Chamber > Home Sales Rise as Market Continues Rebound from COVID-19

Home Sales Rise as Market Continues Rebound from COVID-19

September 17, 2020
New data indicates that completing and pending home sales are increasing as the market continues rebounding from lows experienced during the COVID-19 pandemic. The typical spring home-buying season was delayed several months due to the pandemic and bans on in-person home tours leading to noticeable year-over-year increases in sales for this time of year.

Realcomp Ltd. II stated that home sales in multiple listing service increased 4.6% year-over-year in August, and pending sales rose 18.3%. The pending sales in particular point to future market performance, so this increase is promising looking forward. Further, the median sale price increased 12% last month as inventory plummeted 38.5%.

In terms of Metro Detroit specifically – defined by Realcomp as Wayne, Oakland, Macomb, and Livingston counties – sales increased 5.3% from Aug. 2019, with the median sale price up 11.8% as inventory decreased 40.2% over the last month.

Read more about these updates and county-specific data from the last month here.