Home Sales Rise as Market Continues Rebound from COVID-19September 17, 2020
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.