Southeast Michigan home sales continued steady improvement in July

Sales rose by 10.3 percent while median sale prices increased by 7.5 percent

By   SOURCE: Crains Detroit Business

Things keep improving for the four-county region’s housing market as total sales rose 10.3 percent year-over-year and median sale prices climbed 7.5 percent.

According to data released Thursday by Farmington Hills-based Realcomp Ltd. II, 5,609 homes and condominiums were sold last month compared with 5,085 in July 2014, while the median sale price rose from $152,500 to $164,000 last month.

Livingston County lead the way with a 15 percent bump in sales from 320 in July 2014 to 368 last month, while Wayne County median sale prices increased 19.2 percent, the most in the region from $99,000 to $118,000 last month, according to Realcomp.

Wayne County sales increased 11.2 percent from 1,702 to 1,892 last month.

In Oakland County, sales jumped from 1,956 in July 2014 to 2,180 last month, an 11.5 percent increase. Median sale prices there inched upward 1.6 percent from $207,675 to $210,950 year-over-year.

Macomb County sales rose 5.6 percent from 1,107 to 1,169 last month, while median sale prices increased 6.1 percent from $132,000 to $140,000 last month, according to Realcomp.

Livingston County had a 15.9 percent increase in median sale prices, from $196,350 to $227,500 last month.

The housing market in Metro Detroit has been improving the last few years, evidenced in Juneby a 9.3 percent increase in median sale prices from $149,000 in June 2014 to $162,900 this June; and a 13.3 percent bounce in home and condo sales from 4,831 to 5,474 this June.

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.