Gino Tozzi News Today

"The city has not done as well as other older Midwestern cities that have tried to recover."

"The city has not done as well as other older Midwestern cities that have tried to recover."

The months supply of homes, while still far from a "balanced market," has been hovering around two months recently, up from just about a month one year ago, according to a similar report from brokerage Re/Max of Southeast Michigan.

While acknowledging that the length of time a typical home sits on the market is up significantly from the highs of mid-2021 and into last year, the situation is far from dire, according to metro Detroit real estate agents.

In August, Realcomp data showed there were nearly 11 percent fewer home sales in the metro area, as prices rose 6.4 percent from August 2021. The median sales price is now $250,000. Inventory is up slightly, while the days a home is on the market is flat.

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