Macomb County Michigan: Home Sales and Appreciation on the Rise

CLINTON TOWNSHIP, Mich. - Sept. 5, 2020 - PRLog -- The Case-Shiller Home Price Index, which is considered the "gold standard" for appreciation, showed that nationally there was a 4.3% annual gain in June, which was unchanged from the gain we saw in May. The 20-city Index rose 3.5% year over year, down from 3.6% in the previous report, but these are still very strong appreciation figures.
Regionally, price gains in Phoenix, Seattle and Tampa continued to be the strongest in the nation. Phoenix posted a 9% year-over-year price increase, followed by Seattle with 6.5% increase and Tampa with a 5.9% increase. Price gains were smallest in Chicago, New York and San Francisco.
The FHFA (Federal Housing Finance Agency) released their House Price Index, which measures home price appreciation on single-family homes with conforming loan amounts. Home prices rose 0.9% in June and are up 5.7% year over year, which is a big improvement from the 4.9% in the previous report.

New Home Sales, which measures signed contracts on new homes, were up 14% in July which was much stronger than expected. Sales are now up 36% year over year. The median new home price increased 7.2% to $330,600 year over year, but this is not appreciation. Affordability is still good due to low rates and homes appreciating at a good clip, as evidenced by the FHFA and Case Shiller reports.

With housing appreciation and home sales on the rise, the housing market is still going strong.

When you are ready, we can help you. Looking to sell looking to right size or move up! Contact me Rick Giese at RE/MAX First at 586-242-3100 or email rick@rickgiese.com today for more details.

As always, reach out to me Rick Giese via phone 586.242.3100, email rick@rickgiese.com, or Facebook MacombCountyLifeStyles.com If you have questions about this or any other real estate topic. I'm happy to help!

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