Nik Rajkovic / news@whmi.com

Good news on the local housing front. Realcomp CEO Karen Kage says August data offers a win-win for both buyers and sellers.

"You have additional inventory available, up over 15 percent. The median sale price is up just under six percent. So it's great for the sellers, but it's also good for the buyers because they have more opportunities, more properties to look at," she says.

The median sales price in Livingston County last month was $379,000, up 1.3 percent over August 2023, and the highest in the past five years.

The number of days on the market increased to 26 in August, slightly longer than a year ago.

"Still seeing a lot of properties that come in as new listing and go pending the same month," says Kage. "Some of the properties continue to sell quickly, so again, that's why you need to have that first eye on it."

Kage says the Fed's decision to cut its key interest rate already is helping those looking to buy.

"It does have an effect on those more experienced buyers, because they know maybe they can wait a little bit, not have to make a decision," she says.

"First homebuyers are anxious to make that purchase. It will have an effect on their pocketbook of course, but it doesn't have as much effect on them making a decision to move forward. In fact, it gives them more of an opportunity when the more seasoned buyers step back for a minute."

Realcomp's August numbers are attached below.