Market stagnant for home sales
Nathan Hurst / The Detroit News
Metro Detroit home sales in June indicate the local real estate market remains stagnant.
For the Wayne-Oakland-Macomb-Livingston region, June sales were down 7.2 percent from the same month a year ago, and up a slight 0.7 percent from this May, according to data released this week by Realcomp, a Farmington Hills-based multiple listing service.
In the four-county region, 4,723 homes sold in June, compared with 4,691 in May and 5,088 a year ago in June.
On average, homeowners closed sales on their homes in June after 120 days on the market, a small 1.6 percent drop from May's 122-day average, but up 13.2 percent from 106 days in June 2006.
Things won't be looking up any time soon for homeowners looking to sell, according to a housing market forecast released by the National Association of Realtors earlier this week. That report indicated existing home sales nationwide will likely continue to drop this year, even as mortgage rates remain at record historical lows.
Nathan Hurst / The Detroit News
Metro Detroit home sales in June indicate the local real estate market remains stagnant.
For the Wayne-Oakland-Macomb-Livingston region, June sales were down 7.2 percent from the same month a year ago, and up a slight 0.7 percent from this May, according to data released this week by Realcomp, a Farmington Hills-based multiple listing service.
In the four-county region, 4,723 homes sold in June, compared with 4,691 in May and 5,088 a year ago in June.
On average, homeowners closed sales on their homes in June after 120 days on the market, a small 1.6 percent drop from May's 122-day average, but up 13.2 percent from 106 days in June 2006.
Things won't be looking up any time soon for homeowners looking to sell, according to a housing market forecast released by the National Association of Realtors earlier this week. That report indicated existing home sales nationwide will likely continue to drop this year, even as mortgage rates remain at record historical lows.
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