Economy: Real estate sales bounce back

SOUTHFIELD–The Greater Metropolitan Association of Realtors announced increases in pending sales, median sales price, average sales price, and average showings per home in the tri-county metro Detroit region in June.

Specifically, the group said, pending sales rose 16.7 percent from July 2019 to 10,361 in July 2020. The median sales price rose 11.3 percent to $210,000, while the average sales price rose 9.2 percent to $248,332. And the average showings per home rose 61.4 percent to 11.3.

Group officials said in a news release: “Healthy buyer demand and constrained uspply continue to be the story for much of the country. Natoinally, showing activity in July remained substantially higher than a year before, and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.”

New listings also rose 1 percent from June to July to 12,540, while closed sales skyrocketed 42.5 percent from June to July to 9,301.

The region’s highest average sales price was in Oakland County at $353,768. The average was $210,074 in Wayne County and $199,900 in Macomb County.

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