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In Detroit, some gains in real estate

Sept. 12, 2011 at 3:44 PM   |   Comments

DETROIT, Sept. 12 (UPI) -- Home sales in metropolitan Detroit rose 19.4 percent in August, a private real estate research firm said Monday.

Realcomp II Ltd. in Farmington Hills, Mich., said sales rose in Wayne, Macomb, Livingston and Oakland counties. The median sales price rose 14.3 percent to $80,000 in the month.

Broken down by county, sales rose 14.8 percent in Macomb County, 12.5 percent in Wayne County and nearly 30 percent in Oakland County, The Detroit News reported.

In the four-county area, non-foreclosure sales rose 35.6 percent with the median price of non-foreclosure sales up 14.3 percent.

Foreclosure sales fell by 2.2 percent in the month, while the median price of foreclosure sales declined 1.4 percent.

In August, 12.7 percent of all sales were short sales -- sales in which a lender allows a homeowner to sell the house for less money than is owned on the mortgage.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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