July home sales, prices up across most of metro Detroit

Posted on August 13, 2012

Metro Detroit home sales were up about 11 percent in July over the same month last year, and median prices were up overall, according to a report issued today by Farmington Hills-based Realcomp II Ltd.

But prices are being driven by a lack of inventory, a problem that continues to plague the housing market as appraisals remain low.

On-market inventory declined 15.1 percent from 32,007 in July 2011 to 27,180 in July 2012.

About 12.5 percent of houses on the market are foreclosures; 21.3 percent are short sales.

In metro Detroit, Livingston County saw the most significant increases in home sales. Sales increased 24.5 percent, but median sales price remained relatively flat, increasing from $153,750 in 2011 to $157,250 in July 2012, a 2.3 percent increase.

The greatest increase in median sales occurred in Oakland County, where the median price went from $120,000 in July 2011 to $145,000 in July of this year, a 20.8 percent increase, but activity increased by just 7 percent, from 1,626 houses sold in July of 2011 to 1,740 in July 2012.

The number of days properties spent on the market also decreased, from 88 to 76.

  • Detroit area — the cities of Detroit, Highland Park, Harper Woods and Hamtramck — home sales went from 5,701 in July 2011 to 6,468 in July 2012. Median price dropped 5 percent, from $10,741 this time last year to $10,200 in July.
  • The number of home sales in Wayne County increased 12.4 percent, from 1,761 to 1,979; median sales price increased 9.1 percent, from $43,600 to $47,550.
  • Macomb County home sales also improved. In July 2011, 956 homes were sold, and 1,082 were sold in July of this year, a 13.2 percent increase. Median sales price in Macomb didn’t increase significantly — $75,000 in July 2011 to $76,000 in July 2012, a 1.3 percent increase.

By: Nancy Kaffer, Crain’s Detroit