Blog > Housing Report > Featured Stories > SEMI – Over-Asking Sales Remain High Despite Slower Market

SEMI – Over-Asking Sales Remain High Despite Slower Market


Get the latest Michigan Housing Reports delivered straight to your inbox!

Select report(s) to receive:


2023 sales have been driven, or restricted
by the arrival of new listings. The slight
decline in listings over the past few months
has been resulting in a gradual reduction in
new pendings and closed sales. Expect the
gradual changes to continue into the fall.

Prices got off to a slow start this year but have
hit historic highs in recent months. Average
sale prices were down 9% and 2% in January
and February. By April and May, they were up
9% and 12% compared to the same months
last year. Looking at patterns from prior years
and recent growth rates, we expect additional
growth in June before seeing numbers plateau
or fade a little in July.

While we can expect to see an increase in
the frequency of price reductions, current
numbers are low compared to typical years
and are even lower than last year. Expect
market shifts to be gradual compared to
last year.

Get our Michigan Housing Market Reports right in your inbox

Which report(s) would you like to receive?

Featured Stories

View all →

Interest Rate Impact

2 minutes Affordable housing depends on three key elements: income, mortgage rates, and housing prices. Higher wages expand buying power, while stagnant wages challenge affordability. When mortgage rates drop, generally, monthly payments [...]

Read More

Michigan Property Taxes in a Nutshell

2 minutes After several years of rapidly rising prices and mild inflation (until the past two years) homebuyers and sellers need to be aware of the potential for a significant jump between [...]

Read More

Southeast Michigan 2024 Housing: Trends and Predictions

2 minutes Through the first half of 2024, expect demand to continue to outweigh supply. However, as the year progresses, expect to see inventory gradually rise into a more balanced position as [...]

Read More

View all featured stories →