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Metro Detroit home sales, prices hit 10-year record high in May

Metro Detroit home sales and media sale prices hit a 10-year record high in May, according to Farmington Hills-based Realcomp Ltd. II.

Realcomp: Sales up 8%, median sale prices rise 3.8%, year-over-year

Metro Detroit saw record median home sale prices in May, while the number of sales reached a 10-year high, in the latest year-over-year figures released Thursday.

Median home and condominium sales jumped 8 percent and sale prices increased 3.8 percent in Wayne, Oakland, Macomb and Livingston counties, according to Farmington Hills-based Realcomp Ltd. II. 

It said the four-county region’s sales increased from 4,561 homes and condos in May 2015 to 4,925 last month, while median sale prices increased from $159,000 to $165,000, the fifth consecutive May that they have risen.

Wayne County had the largest increase with a 9.8 percent bump from 1,534 homes and condos sold in May 2015 to 1,685 last month, trailed by Macomb County’s 8.4 percent increase from 1,016 a year ago to 1,101, according to Realcomp. Rounding out the pack was Oakland County with a 7.5 percent increase (from 1,716 in May 2015 to 1,845 last month) and a 0.3 percent dip in Livingston County, falling from 295 sold in May 2015 to 294 last month.

Year-over-year median sale prices increased the most in Oakland County, which saw a 6.3 percent rise from $205,000 in May 2015 to $218,000 last month, according to Realcomp. Macomb County increased 3.8 percent from $134,825 in May 2015 to $140,000 last month, while Wayne County increased 3.1 percent from $114,500 to $118,000 last month. Livingston County median sale prices increased 0.8 percent from $215,000 to $216,750 last month, Realcomp said.

On-market listings in the four counties fell 17.1 percent from 16,113 in May 2015 to 13,363 last month.

Homes and condos spent an average of 40 days on the market last month.

Home and condo sales increased 11.1 percent year-over-year from April 2015 to April 2016, while median sale prices increased 6.9 percent during that same time period.

Realcomp said 4,449 homes and condos were sold in April, up from 4,004 in April 2015, while median sale prices increased from $145,000 to $155,000.

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