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Metro Detroit Home Prices Climb 40% Since April 2012

By JC Reindl, Detroit Free Press

Metro Detroit housing prices stayed on the fast track to recovery in April, rising 40% over their levels a year ago, according to new listing figures released Monday.

The median sales price of a house or condo in the four-county region of Wayne, Oakland, Macomb and Livingston was $98,250 in April, up 15% from March and 40% from April 2012, according to data compiled by Realcomp, a Farmington Hills-based multiple listing service.

Realtors say a driving force behind the higher prices is the still-tight supply of move-in-ready houses for sale.

The number of listings in metro Detroit fell 23% in April from a year earlier.

One reason for the tight inventory is many would-be sellers have opted to stay put in their homes because prices, although rising, have yet to rebound to the point where they can sell without taking a loss.

Still, the number of metro Detroit home sales rose 6% from April to April.

In Wayne County, the median sales price this April was $50,000, up 31% from the prior year. It was $155,000 in Oakland County, up 35% from April 2012, and $92,500 in Macomb County, up 27%.

The hard-hit city of Detroit also experienced more housing market rebound in April, when compared with the same month last year. Prices rose 10% to $9,900 in the listing service’s “Detroit area,” defined as Detroit, Hamtramck, Highland Park and Harper Woods.

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