Monthly Home Sales Edge Lower in Michigan

September 17, 2012 (Chris Moore)

Monthly sales of existing single-family homes and condominiums fell slightly for the second consecutive month from June to July but the cumulative total for the two months was less than 500 sales according to the latest housing data from the Michigan Association of Realtors® (MAR).

An estimated total of 11,477 existing single-family homes and condos were sold in the Great Lakes State in July. That was 266 sales fewer than the 11,693 homes sold in June but still 13.9 percent higher than the 10,074 homes sold in July 2011. Home sales in Michigan have fallen for the last two months but only by a total of 445 sales.

The average sales price for an existing home in Michigan fell by 4.0 percent in July to $116,116, down from $120,999 in June, but was still 6.6 percent higher than the median price of $108,981 in July of last year.

Of the 41 boards that provide data for the monthly report, thirty-one reported gains in home sales or were unchanged over the previous year with Tuscola County (+107.1%), Emmet (+47.9%), Lapeer County (+47.4%), Clare-Gladwin (+40.0%) and Bay County (+32.7%) reporting the largest increases.

Traverse (-28.1%), West Michigan Lakeshore (-28.0%), Southwestern Michigan (-22.0%), and Upper Peninsula (-20.9%) posted the largest declines in annual sales.

Oakland County recorded the most sales for the month with an estimated 1,740 home sales, up from 1,693 the previous month, while Greater Wayne County followed with an estimated 1,482 home sales for the month, down from 1,519 in June.

Year-over-year, thirty-one boards posted an increase in their average prices led by Antrim Charlevoix Kalkaska (+43.6%), St. Joseph (+43.2), Jackson Area (+40.7%), Shiawassee (+31.8%), and Clare-Gladwin (+30.4%).

Emmet (-30.9%), Mason-Oceana-Manistee (-21.8%), Huron (-5.5%), Water Wonderland (-5.2%), and Livingston (-3.6%) posted the largest declines in year-over-year average home prices.

Through the end of July, 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

Source:
MAR