Realcomp finds Detroit home sales, prices down again in May

Home sales around the Detroit metropolitan area decreased during May as home prices continued to fall. There were more than 4,500 home sales across the Detroit metro, down 4.3% from the same month in 2010, according to data analytics firm Realcomp. Sales were relatively flat compared to April. About 44%, or roughly 2,000 home sales, in May were attributable to distressed property sales, Realcomp said. This figure is up 2.5% from one year earlier. Despite home sales dropping overall, Detroit proper saw a 2.5% uptick to a total 667 properties sales during May. More than two-thirds of sales were in the distressed space, according to Realcomp. Home sales also increased in Livingston County, up 2% to 209 sales, and Macomb County, up 3.8% to 921 properties. Oakland County reported the highest volume of home sales at 1,429; however, that number is down 11.6% compared to one year prior. Realcomp cited a glimmer of hope in pending sales, which rose 6.7% on an annual basis to more than 7,700 transactions. The median sales price in the Detroit metro area in May was $65,000, driven by an increased number of foreclosed property sales. The median price is down 13.3% compared to 2010. The median foreclosure sale price was $31,150, Realcomp said. Prices slumped the most in Sanilac County, where homes were selling for a median price of $42,000, down 32.5% compared to a year earlier. Prices increased the most in Tuscola County, up 35.4% during the month to a median $62,000. Prices were unchanged in the city of Detroit at $9,500. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.