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Metro Detroit home sales up 5.6% in November

Detroit Free Press, By Greta Guest
Home sales in metro Detroit posted a 5.6% rise in November and prices got a boost as buyers scooped up what little was on the market.
The inventory of homes for sale continues to decline and is at its lowest level in seven years. In November, inventory dropped by 18.6% to 29,209 houses for sale in southeast Michigan and regions of the Thumb, according to Realcomp, the Farmington Hills-based multiple listing service.
In metro Detroit, 4,094 houses sold in November, up from 3,876 in November 2010, according to the data released this morning. That includes Livingston, Macomb, Oakland and Wayne counties.
Karen Kage, chief executive officer of Realcomp, said this morning that with inventory so low houses in good condition are selling much quicker.
“To me, the clear message I get from looking at all these numbers if you have been waiting for the right time to sell, get in there now,” she said.
Nearly 50% of all sales in November were cash sales, which Kage said could indicate that mortgages are still hard to come by for many homebuyers.
Macomb had the largest increase in sales with 16.1% growth to 887 from 764 a year ago. The median sales price for Macomb County was $66,000, down 5.6% from $69,950 a year ago.
Livingston County had 200 sales, up 5.8% from 189 in November 2010. Median sales prices rose 11.5% to $139,320 from $125,000.
Oakland County sales were up 1.7% to 1,339 from 1,316. Median sales prices rose 1.5% to $108,000 from $106,450 in November 2010.
Wayne County home sales rose 3.8% to 1,668 from 1,607. And median sales prices were up 0.3% to $40,000 from $39,900.
In the Detroit area, which includes Detroit, Highland Park, Hamtramck and Harper Woods, home sales were up 3.3% to 473 from 458 last year. And median sales prices fell 9.1% to $10,000 from $11,000 a year ago.

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