Nik Rajkovic / news@whmi.com

The median sales price of a single-family home in Livingston County last month was $420,000. That's according to new data from Realcomp, which also showed a 16.5% drop in total sales year-over-year in May.

"As prices go higher, less and less people can enter the market. So, your first-time homebuyers are just not able to get into the market. High interest rates and higher prices are going to just squeeze out more people who wish, or could get into the market," said Brighton realtor Scott Griffith.

Homes sold in Livingston County in May had sat on the market about 33 days, up from just 25 days a year ago.

"With less buyers coming into the market, the inventory's timing is stretching out. So, we're going to see times where a home or a property is on the market for, not an extended period of time, but longer than the one week, or three days," said Griffith.

"It's going to start to take some time to sell because buyers are going to take their time coming into the market."

Year-over-year home sales in May also dipped slightly in Washtenaw County, though the median sales price matched Livingston at $420,000.

The current national average 30-year fixed mortgage rate is around 6.89%.

"The volatility in interest rates is making people start to say to themselves when is the timing right? Is this the right time? We're seeing the people who do want to sell, the inventories are going up. But the median sales price is going up also, which means people are still willing to build up higher than the asking prices, because there's so limited inventory."

See Realcomp's latest data attached below.