Metro Detroit remains a seller's market as a lack of available for-sale housing is driving up sales prices and making for quicker purchases.
According to a report released Thursday by Farmington Hills-based Realcomp Ltd., sales of existing homes and condominiums in the four-county region fell by 1.6 percent year-over-year between July 2016 and last month. There were 5,542 sales last month compared to 5,630 in July 2016.
During the same time period, median sale prices climbed 5.7 percent from $175,000 to $185,000 and on-market listings fell 33.9 percent year-over-year from 19,220 to 12,695, according to Realcomp.
Homes also continue to sell at a rapid pace, taking an average of just 27 days last month, a 25 percent drop from the 36-day average it took in July 2016, according to Realcomp.
In July, sale prices rose 8.2 percent amid a 37.2 percent drop in available inventory.
Metro Detroit's housing market mimics a nationwide trend of falling housing supply and rising median sale prices, Realcomp said.
Regional data was not available for the Midwest on housing inventory, but it has fallen 7.1 percent year-over-year from 2.11 million to 1.96 million, according to NAR.
