l

Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.

New Listings in Washtenaw County decreased 12.5 percent for Single Family homes and 25.0 percent for Townhouse/Condo homes. Pending Sales increased 3.9 percent for Single Family homes and 13.9 percent for Townhouse/Condo homes. Inventory decreased 12.7 percent for Single Family homes and 27.5 percent for Townhouse/Condo homes.

Median Sales Price in Washtenaw County increased 0.4 percent to $350,000 for Single Family homes and 11.3 percent to $265,000 for Townhouse/Condo homes. Average Days on Market decreased 3.7 percent for Single Family homes but increased 48.3 percent for Townhouse/Condo homes. Months Supply of Inventory remained flat for Single Family homes but decreased 22.7 percent for Townhouse/Condo properties.

The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.

Find out what your home could be worth

FREE analysis of your home! Find out your home value, home equity, refinance and mortgage reduction and much more!


If you have questions or would like additional information, drop us a line below.