Home sales around the Detroit metropolitan area decreased during May as home prices continued to fall. There were more than 4,500 home sales across the Detroit metro, down 4.3% from the same month in 2010, according to data analytics firm Realcomp. Sales were relatively flat compared to April. About 44%, or roughly 2,000 home sales, in May were attributable to distressed property sales, Realcomp said. This figure is up 2.5% from one year earlier. Despite home sales dropping overall, Detroit proper saw a 2.5% uptick to a total 667 properties sales during May. More than two-thirds of sales were in the distressed space, according to Realcomp. Home sales also increased in Livingston County, up 2% to 209 sales, and Macomb County, up 3.8% to 921 properties. Oakland County reported the highest volume of home sales at 1,429; however, that number is down 11.6% compared to one year prior. Realcomp cited a glimmer of hope in pending sales, which rose 6.7% on an annual basis to more than 7,700 transactions. The median sales price in the Detroit metro area in May was $65,000, driven by an increased number of foreclosed property sales. The median price is down 13.3% compared to 2010. The median foreclosure sale price was $31,150, Realcomp said. Prices slumped the most in Sanilac County, where homes were selling for a median price of $42,000, down 32.5% compared to a year earlier. Prices increased the most in Tuscola County, up 35.4% during the month to a median $62,000. Prices were unchanged in the city of Detroit at $9,500. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.
Realcomp finds Detroit home sales, prices down again in May
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