Real estate market isn’t cooling just yet

Metro Detroit’s actual property market is holding regular for now.

Why it issues: We maintain listening to a couple of market crash, however to date, native knowledge would not help that declare. Pending dwelling gross sales are up 4.6% and median dwelling sale costs are up 6.25% from Could 2021 to Could 2022, whereas new listings are up 7.4%.

Zoom in: Whereas knowledge reveals the market holding regular, actual property brokers on the bottom say consumers are negotiating with slightly extra leverage, per the Free Press.

• Bidding wars nonetheless occur, however some consumers at the moment are capable of negotiate a gross sales worth just below the itemizing.
• “A 12 months in the past, you have been negotiating up, not down,” agent Abe Taleb of RE/MAX Main Edge in Dearborn Heights instructed the paper.

Zoom out: Nationally, mortgage functions have been down 24% in the identical time interval. On common, 6.5% of sellers dropped their asking worth every week in June, per Redfin’s newest market replace.

• In June, nationwide pending dwelling gross sales have been down 13% from this time final 12 months, the most important decline since Could 2020, Redfin’s report acknowledged.

What we’re watching: New listings and pending gross sales. If extra listings flood the market this summer season and consumers do not chew, that is after we would begin to see extra energy shift into consumers’ fingers.