Metro Detroit Home Sales More than Double in June, Prices Rise 4.6% 

While home sales were down 26.9 percent year-over-year in June due to COVID-19, the 3,370 homes sold last month reflect a 133 percent increase from May 2020 when 1,444 dwellings sold, according to RE/MAX of Southeastern Michigan’s latest report.

Nationally, home sales decreased 6.9 percent year-over-year.

“June home sales, while fewer than last year, took a big step forward from May activity,” says Jeanette Schneider, executive vice president of RE/MAX of Southeastern Michigan in Troy. “We continue to see buyers out in the market and ready to take action.

“The biggest challenge buyers face is inventory, as there continues to be a lack of homes for sale at most price points. Pending sales, which is a key leading indicator, was up across the metro Detroit area, signaling that we should see high home sales numbers again next month.”

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Source: Metro Detroit Home Sales More than Double in June, Prices Rise 4.6% – DBusiness Magazine

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