Home Sales Skyrocket In Metro Detroit

DETROIT (WWJ) - Sell. Sell. Sold. Home sales are up to a ten-year high in metro Detroit.

Figures released by RealComp Thursday say May sales reached a 10-year high with more than 64,000 homes sold -- with the median sale price at $162,500.

David Elya, owner of Brookview Realty in Rochester and a member of Realcomp's Board, spoke with WWJ about why he thinks Metro Detroiters are buying up more homes.

"There are a lot of factors that contributed to it, consumer confidence is one thing - people working again ... that's helping a little bit for sure, we've seen property values actually increase," said Elya.

Elya says homes have been selling fast since May, but it's still a good time to buy.

"The foreclosure properties -- the inventory has definitely decreased on those -- so the properties that were underway, as we call it, those kind of disappeared in the market -- private owner sales, whether it's a home or condominium those are definitely selling if those are priced right and in good condition as well," he adds.

The 2016 May increase in home sales is up around 10 times the amount same time last year.