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Southeast Michigan August 2019

Summary

Available inventory rose 8% in the past month—it’s 13% higher than a year ago. Both July new pendings and closed sales were up 2%. YTD sales are just short of even with last year but both average price and price per square foot are up 3%. Entry-level activity continues to shrink while the middle and upper markets expand. Despite a 12% increase in listings priced under
$150k, sales in that range have dropped 6%. At the same time, there’s been a slight decrease in the availability of over-$500k listings, yet those sales are up 3%. Activity varies greatly by market area and price range.

13,053

Available Listings
+8% from last month

5,449

New Pendings
+2% from last month

27,758

YTD Closed Sales
-1% from last year

$235k

YTD Avg Sale Price
+3% from last year

$137

YTD Price Per Sq Ft
+3% from last year

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