The average single-family home or condominium in metro Detroit sold for around $145,000 in April, up 19 percent when compared to the same period last year, says the latest monthly report from Realcomp II Ltd. in Farmington Hills.
“(We) are seeing several areas where the market is trending upward toward pre-recession levels, and that is encouraging," says Karen Kage, CEO of Realcomp, a multiple listing service.
Metro Detroit residential and condo sales were up about 1.5 percent in April when compared to the same period last year. Home and condo sales in Oakland County were up almost 13 percent, while sales in the Detroit, Hamtramck, Harper Woods, and Highland Park were down 31 percent.
Kage says inventory in metro Detroit increased by about 7 percent when compared to April 2014, to about 14,700 dwellings. The number of foreclosure sales in the area decreased by about 42 percent.