Economics Dept.: Area Home Sales Fall, But Prices Rise

View Comments
Grow your business smarter.

Visit CBS Detroit's

Small Business Center.

Home sales tumbled but median prices rose across southeast Michigan in August, according to the Farmington Hills real estate information firm Realcomp II  Ltd.

Overall, the 11-county area surveyed by Realcomp had 5,281 home sales in August, down 13.9 percent from 6,133 home sales in August 2009.

But the median sale price on all homes sold rose 10.9 percent, to $72,000, from $64,900 a year earlier.

The median price on foreclosure sales was up 13.3 percent to $38,505 from $34,000 a year earlier. However, the median price on non-foreclosure sales fell 3 percent to $106,700 from $110,000 in August 2009.

By sub-market, the data was as follows:

City of Detroit: 348 foreclosure sales, down 50.7 percent from 706 a year earlier; 189 non-foreclosure sales, up 28.6 percent from 147 a year earlier. Median sale prices: $8,503 on foreclosure sales, up 21.5 percent from $7,000 in August 2009; $14,000 on non-foreclosure sales, down 17.6 percent from $17,000 in August 2009.

Genesee County: 60 foreclosure sales, down 23.1 percent from 78 a year earlier; 394 non-foreclosure sales, down 12.8 percent from 452 a year earlier. Median sale prices: $45,500 on foreclosure sales, down 1.2 percent from $46,050 in August 2009; $60,000 on non-foreclosure sales, up 13.2 percent from $53,000 in August 2009.

Huron County: Two foreclosure sales, up from zero a year earlier; three non-foreclosure sales, up from one a year earlier. Median sale prices: $190,000 on foreclosure sales; $52,000 on non-foreclosure sales, up 4 percent from $50,000 in August 2009.

Lapeer County: 36 foreclsoure sales, down 14.3 percent from 42 a year earlier; 57 non-foreclosure sales, up 3.6 percent from 55 a year earlier. Median sale prices: $54,450 on foreclosure sales, down 13.4 percent from $62,878 in August 2009; $90,900 on non-foreclosure sales, up 1.1 percent from $89,900 in August 2009.

Livingston County: 67 foreclosure sales, down 19.3 percent from 83 a year earlier; 134 non-foreclosure sales, up 3.1 percent from 130 a year earlier. Median sale prices: $97,000 on forclosure sales, up 14.1 percent from $85,000 in August 2009; $161,750 on non-foreclosure sales, down 2 percent from $165,050 in August 2009.

Macomb County: 378 foreclosure sales, down 21.6 percent from 482 a year earlier; 478 non-foreclosure sales, up 27.5 percent from 375 a year earlier. Median sale prices: $47,000 on foreclosure sales, up 4.4 percent from $45,000 in August 2009; $93,000 on non-foreclosure sales, down 15.5 percent from $110,000 in August 2009.

Oakland County: 511 foreclosure sales, down 28.9 percent from 719 a year earlier; 917 non-foreclosure sales,, up 13.5 percent from 808 a year earlier. Median sale prices: $53,000 on foreclosure sales, unchanged from August 2009; $155,000 on non-foreclosure sales, unchanged from August 2009.

Sanilac County: Five foreclosure sales, down 44.4 percent from nine a year earlier; two non-foreclosure sales, down 66.7 percent from six a year earlier. Median sale prices: $27,000 on foreclosure sales, down 16.9 percent from $32,500 in August 2009; $85,000 on non-foreclosure sales, up 45.3 percent from $58,500 in August 2009.

St. Clair County: 43 foreclosure sales, down 46.9 percent from 81 a year earlier; 55 non-foreclosure sales, down 14.1 percent from 64 a year earlier. Median sale prices: $41,000, down 9.9 percent from $45,526 in August 2009; $145,000 on non-foreclosure homes, up 49.9 percent from $96,750 in August 2009.

Tuscola County: Eight foreclosure sales, down 38.5 percent from 13 a year earlier; 11 non-foreclosure sales, unchanged from a year earlier. Median sale prices: $32,614 on foreclosure sales, up 30.5 percent from $25,000 in August 2009; $72,000 on non-foreclosure sales, up 46.9 percent from $49,000 in August 2009.

Wayne County, outside of Detroit: 528 foreclosure sales, down 28.8 percent from 742 a year earlier; 716 non-foreclosure sales, up 11 percent from 645 a year earlier. Median sale prices: $38,502 on foreclosure sales, up 2.7 percent from $37,500 in August 2009; $90,000 on non-foreclosure sales, down 10.9 percent from $101,000 in August 2009.

(c) 2010, WWJ Newsradio 950. All rights reserved.
View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,974 other followers