Home sales in metro Detroit have dropped nearly 20% from last July, according to the latest RE/MAX of Southeastern Michigan Housing Report.
The report found that home sales and median home prices have dropped over the past month, and the supply has increased over the past month.
According to the report, there were 3,347 home sales in July 2022, down from 3,767 in June 2022 and 4,167 in July 2021.
The median sales price was $296,200, down from $312,725 in June 2022 but up 3% from $287,450 in July 2021.
RE/MAX of Southeastern Michigan said the supply is at 2.1 months, and a supply of six months is considered a balanced home market. In June 2022, there was a supply of 1.7 months.
Livingston County saw the largest drop in home sales with a 25.7% decrease over the last year, and homes are selling the fastest in Macomb County.
"We are in the process of a shift that is leading to a more measured and balanced market. Sellers need to take into account the changes occurring when pricing their home so that they aren't too aggressive, which could turn away potential buyers at a time when the pace and number of showings is moderating," RE/MAX of Southeastern Michigan President Jeanette Schneider said in a statement. "Buyers are benefiting from a calmer market, and although interest rates have been more volatile, they can use ARMs, FHA and other financing options as a solution."
Wayne County still had the most homes sold in July 2022, followed by Oakland County, Macomb County and then Livingston County.