Home sales in the third quarter experienced double-digit increases across Michigan, and in the Detroit metro area, where sales jumped 18.3% over year ago levels, according to statistics from Realcomp, the multiple listing service for the region.
Detroit recorded 536 home sales in July, up 18.3% from 453 sales a year earlier.
All of the areas covered by the metropolitan listing service, which includes sales in Michigan counties and in some bordering states, grew 13.5% with sales reaching 6,468 in the latest July report, up from 5,701 a year earlier.
Meanwhile, the median sales price for the Detroit area fell 5% from last year, hitting $10,200 in July, compared to $10,741 twelve months earlier.
In Livingston County, which houses the city of Howell, home sales rose 24.5% in July, hitting 274 total sales, while the median price hit $157,250, up 2.3% from last year.
Sales grew the most in Lapeer County – which includes part of the Flint and Detroit metro areas – rising 47.4% from 78 sales last July to 115 in the most recent report.
The median price in Lapeer County also shot up 8.6% to $88,000, compared to $81,000 a year earlier.
The average number of days homes in the metropolitan-listing service spent on the market fell from 88 days last year to 76 days in the most recent report. About 10.5% of the sales closed in July were short sales, while 44.2% were listed as cash sales.
The on-the-market inventory fell 15.1% to 27,180 listings in July, down from 32,007 a year earlier.