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Macomb County Michigan: Home Sales and Appreciation on the Rise
By: Rick Giese RE/MAX First
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 email@example.com today for more details.
As always, reach out to me Rick Giese via phone 586.242.3100, email firstname.lastname@example.org, 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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Rick Giese RE/MAX First