- While some areas of the country (especially the covid boomtowns) have seen prices fall drastically from their peaks, nearly every zip code in metro Detroit had the highest median sales price in history in June 2024. 

- Inventory is still trending lower in most markets, providing upward pressure on prices. The # of buyers vs # of sellers dictates where prices go more than any other factor. To be fair, the # of active buyers is also trending lower, but not at the same pace as inventory.

- 30 Yr Fixed Conv Mortgage Rates have stayed in the 7-7.5% range for the Spring and start to Summer. Many are still expecting rates to soften towards the end of the year. I, too, believe that is the most likely outcome.

- Would you like specific data on your city, your neighborhood, or even your home? Reach out, and I'll send a personalized market report to you.

Have a great rest of the week,

Jeff

Graphic 1. Median Sales Price (12 mo rolling data | % on right compares the past 12 months to the previous 12 months)

Graphic 2. Homes For Sale (12 mo rolling data | % on right compares the past 12 months to the previous 12 months)

Graphic 3. 30 Yr Fixed Conventional Mortgage Rate (previous month)

Graphic 4. 30 Yr Fixed Conventional Mortgage Rate (previous year)