May A Merry Month For Home Sales

DETROIT (WWJ) - May was a merry month for home sales. Realcomp says while the number of homes sold last month was about even compared to one year ago, the median sales price jumped 40 percent. The midpoint price for home sales in May was $111,000, with Macomb, Wayne, and Sanilac counties doing very well.

Realcomp is also reporting that the average days on the market decreased by 15 days, from 84 to 69. The number of listings was also up slightly, however, strong sales during the month of May resulted in total on-market inventory declining by 19.46 percent.