Nik Rajkovic / news@whmi.com

A bit of a slowdown in the housing market across southeast Michigan in July, with both the number of closed sales (10,863) and pending sales (9,719) down month-to-month and year-over-year.

The median sale price for all of southeast Michigan was $305,000 last month.

"I'm not quite sure what to make of that, other than it does add to the number of properties on the market, which does help the buyers," said Karen Kage, CEO of Realcomp, Michigan's largest Multiple Listing Service.

"It could be the prices. It could interest rates. I'm not really sure what would be the stall right now, but it's not big enough to cause a lot of concern. We'll certainly keep watching it."

Livingston and Washtenaw counties remain hot markets for home buyers and sellers -- with total sales in July up three and seven percent, respectively, while the median sale price in both counties topped $425,000.

"The number of (Livingston Co.) sales were up, not a lot, but they were up to 287, so that's a jump of over three percent. Prices were up a little bit to $425,000," said Kage.

"Days on market are up, but I never get concerned about that, because when it's this small, it was just one more day. That just means you had more time to look at properties because there were more properties available. There's more on market listings as well, up to 553, so that's up well over four percent from last year."


Kage said this is the time of year we may see things slowdown because of school starting, and families wanting to be settled before classes begin.

"It's still a really good time to look because there's a lot to look at. And it's a great time to sell, because those prices are remaining steady. I think it shows us that it's good on both sides, for both buyers and sellers," she added.

Realcomp's July report is attached below.