Downriver home shoppers in August faced tight inventories, rising prices and fast sales as the real estate market continued to rebound from last spring’s pandemic stay-at-home precautions.
“Low mortgage rates make buying a home affordable and buyers are looking to take advantage of this opportunity,” said Jeanette Schneider, executive vice president of Re/Max of Southeastern Michigan.
“The high level of interest by buyers — when combined with continued low supply of homes — is benefiting many sellers with multiple offers and a relatively short time frame to get a house sold.”
Downriver home sales declined 24.3% in August compared with the year-earlier month, Re/Max reported. Sales of 386 homes trailed 510 in August 2019 and lagged July’s total of 434 homes.
The median sales price of a Downriver home was $175,138 in August — a 1.3%…