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The Detroit metro area peppered the real estate economy with news of foreclosures and falling home prices for years, but parts of the southeast Michigan market are beginning to look up with home sales and median prices rising slowly, according to data from multiple listing service Realcomp.
The entire Detroit-area recorded 603 home and condo sales in June of 2012, which is still down 7.9% from last year. Median prices went up with the Detroit area alone seeing the median sales price rise to $9,500 in June of this year from $9,000 last year, a 5.6% increase.
House prices in Livingston County, part of the larger Detroit metropolitan statistical area, rose 9.2% to $161,000 on average from $147,000 in June of 2011.
The entire metropolitan-statistical area in the Southeast Michigan region, which includes all listings processed by Realcomp -- including some outside of Michigan -- noted a 5.3% increase to 6,491 sales last month from 6,163 a year earlier.
Meanwhile, individual townships or counties saw sales pick up year-over-year in June.
By way of comparison, in the Genesee County area where the city of Flint is located, annual home sales rose 18.3% in June to 517 from 437.
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