In August 2023, home prices in the United States increased by three percent compared to last year to a median price of $420,846 according to data from Redfin. However, the number of homes being sold continues to trend downward, with August 2023 seeing 475,576 homes sold, a 14.5 percent decrease from June 2022.
Here in Michigan, home prices are following a similar trend, with an increase of over five percent compared to last year. The median selling price in August 2023 was $258,100. Similarly on homes sold, the state is mirroring national trends, with the number of homes sold decreasing by 15 percent since last year, with 11,658 homes sold in August 2023.
The full housing report can be found here.