MI: Metro Detroit Home Prices Up for Eighth Straight Month

Detroit Gay Real EstateAmericans bought fewer previously owned homes in March, a reminder that the housing market remains weak. The National Association of Realtors said Thursday that home sales fell 2.6% last month to a seasonally adjusted annual rate of 4.48 million.

In metro Detroit, home sales were up modestly in March, but median sales prices jumped nearly 19% as fewer properties for sale fueled competitive bidding. Data out earlier this week indicated that 4,430 homes sold in the metro area last month, up 0.8% from 4,394 homes sold in March 2011, according to Realcomp, the Farmington Hills-based multiple listing service.

The median sales price for the metro area in March was $68,850, up from $58,000 a year ago. The metro Detroit area includes Livingston, Macomb, Oakland and Wayne counties.

From The Detroit Free Press: http://www.detroitnews.com/article/20120425/BIZ/204250321#ixzz1tOIJTi4q

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Full Story from The Detroit Free Press

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