Rain and flooding eased but failed to drown June home sales, according to Downriver and real estate specialists.
In Downriver Communities, Re-Max reported a 14.6% rise in closed sales over the previous month. Re-Max reported that 376 homes were sold in 18 Downriver communities in June, up from 328 in June 2020.
Closed sales in the Downriver area in June lagged 20.9% YTD growth, according to Realcomp, Michigan’s largest listing service.
Realcomp reported that Downriver’s median sales prices in June rose 17.1% to $ 169,700 from the same period last year. Re-Max recorded average Downriver prices in June at $ 186,978, up 4.6% from a year earlier, but less than the $ 201,586 reported in May.
Some sellers in other parts of the region were not as badly affected by the flood, which forced them to suspend any potential sales while the damage was repaired.
Despite a wet June, an active summer is expected for home purchases, said Karen Cage, CEO of Realcomp II Ltd.
“Competition, supply and demand continue to dictate the market,” she said. “We could very well see the new record records set throughout the summer – in particular the average sales prices.”