Rain and flooding dampened – but failed to sink – June home sales, according to data and real estate professionals Aval.
Among downstream communities, Re-Max reported a 14.6% gain in closed sales, compared to the month of the previous year. Re-Max said 376 homes were sold in 18 downstream communities in June, up from 328 in June 2020.
Sales closed in the Downstream region in June were below the annual growth rate of 20.9%, according to Realcomp, Michigan’s largest multiple ad service.
Realcomp said the median sale prices of Downstream in June were up 17.1% – to $ 169,700 – from the month of the previous year. Re-Max recorded median Downstream prices for June at $ 186,978, up 4.6% from the month a year earlier, but lower than the $ 201,586 reported in May.
While not so much downstream, some sellers in other parts of the region suffered flood damage, forcing them to halt any potential sales while the damage was cleaned up.
Despite the soggy June, an active summer for home buying is expected, said Karen Kage, Kage, Managing Director of Realcomp II Ltd.
“Competition and supply and demand continue to dictate the market,” she said. “We could very well see new all-time records set throughout the summer – especially median selling prices. “