Home sales drop nearly 6% in September. Is the boom over?

Posted on October 18, 2018

The extended boom in residential real estate sales in metro Detroit may be peaking if newly released September sales numbers are any indication, though experts say it remains a seller’s market.

The number of houses sold in southeastern Michigan was down 5.7 percent in September compared with the same month last year, while the median sale price climbed by 5.5 percent to $169,900.

In the tri-county metro Detroit area, Oakland County felt the biggest pinch, with residential homes sales down 8.9 percent to 1,399 last month, compared with 1,529 in September 2017, according to numbers provided by RealComp, a Farmington Hills-based multiple listing service.

The median sale price of homes in Oakland County climbed 1.8 percent, far less than the regional average, to $235,000. The number of listings were down 13.6 percent to 5,209.

So is the boom coming to an end?

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