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Home Sales Up 11.2% for July in Metro Detroit; Median Prices Rise 12.2%

By Michael Martinez, Detroit News

Home sales in Metro Detroit rose 11.2 percent in July, compared to the same month last year, Realcomp II Ltd., a Farmington Hills real estate information company, said Monday morning.

The four-county region’s lower housing inventory also pushed median prices higher, up 12.2 percent, Realcomp said.

Realcomp said 5,075 homes and condos were sold in July, compared to 4,563 in July 2011.

Livingston County saw the biggest increase in sales among the four metropolitan counties, with a 24.5 percent boost. Oakland County home sales rose 7 percent.

The July rise in sales marks the 12th time in 13 months Metro Detroit home sales have been on the upswing.

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