As a real estate agent serving Northville, Novi, South Lyon, and the greater Metro Detroit area, my goal is to provide you with clear and reliable insight into the daily shifts affecting our local housing market. Today’s update highlights strong buyer demand, steady mortgage rates, rising purchase activity, and the early signs of momentum as we move toward the close of the year.

Below is your full breakdown.

Buyer Demand Remains Strong Across Metro Detroit

HousingWire reports that weekly pending home sales rose more than fifteen percent compared to this time last year. Mortgage rates have stayed under six point six four percent for fifteen consecutive weeks, helping keep demand steady in communities like Northville and Novi where buyers continue to monitor inventory closely.

Even with the Veterans Day weekend, which typically slows the weekly data, buyer activity held firm across Metro Detroit.

Purchase Applications Continue Double Digit Growth

Purchase applications increased thirty one percent year over year and six percent week over week. The two week average shows nearly twenty nine percent annual growth and marks twenty eight straight weeks of double digit gains.

This trend signals strong buyer confidence, especially in price ranges common in Northville, Novi, and South Lyon.

Mortgage Rates and Spreads Show Promising Stability

Mortgage rates began the week at six point three four percent and ended at six point three eight percent. While these changes are small, the consistency helps buyers plan with more certainty.

Mortgage spreads are now only zero point three three points above normal. If spreads continue to normalize, rates could fall into the upper five percent range, making early twenty twenty six even more active.

Inventory Slows Seasonally Across Metro Detroit

National weekly inventory dipped from eight hundred forty two thousand to eight hundred thirty nine thousand. Similar seasonal declines are expected in our local communities. Inventory remains sixteen percent higher than last year, but the growth rate has slowed.

For sellers, this means less competition. For buyers, fewer new listings entering the market may create more pressure on well priced homes.

New Listings Remain Below Typical Seasonal Levels

New listings reached just over fifty seven thousand nationwide last week, which is lower than the eighty thousand to one hundred thousand typically seen during the fall. This reinforces the limited number of fresh options for Metro Detroit buyers and underscores the importance of pricing strategy for sellers.

Price Reductions Increase, but Trend is Normal for the Season

About forty one percent of active listings are showing price reductions. This is slightly higher than last year but expected for this time of year. Proper pricing remains crucial, especially in competitive markets like Northville and Novi where buyers often move quickly when homes are aligned with current values.

Looking Ahead to a Stronger Housing Market in Twenty Twenty Six

The National Association of Realtors forecasts a fourteen percent increase in home sales next year and a four percent rise in home prices. Mortgage rates are expected to average around six percent.

First time buyer participation dropped to twenty one percent, a new low. This reflects the increased need for strong guidance, expertise, and clear planning at every stage of the process.

Explore Homes for Sale Across Metro Detroit

If you are searching for your next home, you can explore active listings in your favorite communities:

• Northville Homes for Sale
• Novi Homes for Sale
• South Lyon Homes for Sale
• Plymouth Homes for Sale

Each area offers unique opportunities, and staying informed helps you move forward with clarity and confidence.

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Jeff Duneske, Northville Real Estate Agent – Keller Williams Advantage
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