Metro Detroit homeowners, who saw the value of their homes plummet during the last deep recession, can take heart: things continue to look up.
Kirk Pinho of Crain's Detroit Business reports that while overall home sales fell in August compared to a year ago, the median sale prices during that period continued to rise, according to data released Monday by Farmington Hills-based Realcomp II Ltd. The report looked at Wayne, Oakland, Macomb and Livingston counties.
Pinho writes:
Median sale prices in the four-county region increased 13.3 percent, from $135,000 in August 2013 to $153,000 last month. The increase was greatest in Wayne County, where sale prices increased 30 percent, from $80,000 to $104,000.
In Macomb, the median sale price increased from $115,000 to $130,500 (13.5 percent). In Oakland County, median price rose from $185,000 to $205,050 (10.8 percent). And in Livingston, prices rose 10.2 percent, to $210,000 from $190,500.
Sales dropped in August from a year ago.
Pinho reports that home sales for the four-county region fell by 10.4 percent, from 5,454 in August 2013 to 4,888 last month.
Livingston County was the exception. Sales rose from 311 sales in August 2013 to 334 last month, a 7.4 percent increase.
Sales fell by 13.3 percent in Wayne County, 10.6 percent in Oakland County and 9.8 percent in Macomb County, according to Realcomp.
