MARKET UPDATES

Mortgage rates climbed back above 7% in September, but prices across our Wayne and Oakland County communities held steady, and well-priced homes still sold in two to four weeks.

Southeast Michigan is still a low-inventory market. Livonia had about a month and a half of supply at the end of September. Northville, Novi, and Plymouth homes are still selling at or near full asking price. What changed this fall is the pace: homes are taking a bit longer to sell, buyers are more payment-sensitive, and sellers who price above the market are more likely to sit.