Home/Mortgages/Michigan Housing Market Improves in August

October 9, 2012 (Chris Moore)

Monthly sales of existing single-family homes and condominiums came roaring back in Michigan during August and home prices improved on both a monthly and yearly basis according to the latest housing data from the Michigan Association of RealtorsĀ® (MAR).

An estimated total of 12,578 existing single-family homes and condos were sold in the Great Lakes State in August. That was 9.6 percent higher than the 11,477 homes sold in July and 10.7 percent higher than the 11,363 homes sold in August 2011. Home sales in Michigan had fallen for the previous two months, but only by a total of 445 sales.

The average sales price for an existing home in Michigan increased by 2.9 percent in August to $119,446, up from $116,116 in July, and was 5.3 percent higher than the median price of $113,412 in August of last year.

Of the 41 boards that provide data for the monthly report, twenty-nine reported gains in home sales or were unchanged over the previous year with Northeast Michigan (+65.5%), Monroe County (+38.5%), West Central (+33.3%), Lenawee County (+29.9%) and Emmet (+26.7%) reporting the largest increases.

Branch County (-46.3%), Down River (-30.5%), St. Joseph County (-24.3%), and Shiawassee (-20.3%) posted the largest declines in annual sales.

Oakland County recorded the most sales for the month with an estimated 2,002 home sales, up from 1,740 the previous month, while Greater Wayne County followed with an estimated 1,614 home sales for the month, up from 1,482 in July.

Year-over-year, thirty-nine boards posted an increase in their average prices led by Branch County (54.1%), Sanilac (+36.8), Antrim Charlevoix Kalkaska (+32.3%), Lenawee County (+28.0%), and Hillsdale County (+27.4%).

Emmet (-48.9%) and Tuscola County (9.3%) were the only two boards to post a loss in year-over-year average home prices.

Through the end of August, home sales in Michigan were 10.4 percent higher than they were at the same time last year.

Tags: Michigan real estate, existing homes, condos, sales, median home prices