Real Estate Information Archive

Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR senior economist, notes that widening credit availability will help turn around home sales.  “Conforming loans are abundantly available at historically favorable mortgage rates.  Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages,” he said.

Let’s take a look at the September sales statistics for Wayne and Oakland counties to get a better idea of what the future may hold for the Metro Detroit area:

Wayne County could certainly use a boost in home prices.  Although the highest sales price jumped a dramatic $3.45M in September, the average and median sale prices continued to decline from September 2006 - 23% and 42%, respectively.  The average market times, however, increased by only 8 days. 

Oakland County market activity again followed the same trend as Wayne county in September.  The average sale price decreased 23% in September 2007 from September 2006 while the median price dropped 19%.  Market times also increased - from 107 days to 119 days - a 10% increase.