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Home Sales Prices Rise 26% in Metro D

By JC Reindl, Detroit Free Press

The Metro Detroit home sales market experienced a considerable rebound  at the end of 2012, with December sales prices increasing 26% from a year earlier, according to new data released Monday.

The median sales price of condos and houses in the region comprised of Wayne, Oakland, Livingston and Macomb counties was $85,750 last month, up from $68,000 in December 2011.

The metro Detroit county with the highest sales price is Livingston County ($160,000); the lowest is Wayne County (45,000), according to the figures released by Realcomp, a Farmington Hills-based multiple listing service.

Price increases were largely the result of fewer for-sale homes. The number of market listings in the region experienced a 21% year-to-year drop, falling to 14,903 available homes.

Total home sales in the metro area were down about 2% in December from the year before, but that reflected a steep 18% drop in the number of foreclosure sales. Non-foreclosure sales increased by nearly 10%.

The average home in the area was on the market for 77 days.

But metro Detroit still has a long way to go for a full housing market recovery. Prices are about 20% below 2000 levels and more than 35% off their late 2005 peak.

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