Michigan Home Sales Flat in April, Home Prices Improve

June 8, 2012 (Shirley Allen)

Monthly sales of existing single-family homes and condominiums were flat from March to April in Michigan but remained above year ago levels while home prices continued to improve according to the latest housing data from the Michigan Association of Realtors® (MAR).

An estimated total of 10,136 existing single-family homes and condos were sold in the Great Lakes State in April. That was 0.7 percent higher than the 10,065 homes sold in March and 3.5 percent higher than the 9,797 homes sold in April 2011.

The average sales price for an existing home in Michigan increased by 8.9 percent in April to $104,058, up from $95,595 in March, and was 9.7 percent higher than the median price of $94,837 in April of last year.

Of the 41 locals/counties that provide data for the monthly report, twenty-nine reported gains in home sales or were unchanged over the previous year with Huron (+160.0%), Sanilac (+80.0%), Branch (+64.3%), Hillsdale (+63.6%) and Emmet (+46.4%) reporting the largest increases.

Shiawassee (-52.7%), Battle Creek (-26.2%), Detroit (-22.2%), Saginaw (-21.1%) and Paul Bunyan (-11.6%) posted the largest declines in annual sales.

Oakland County recorded the most sales for the month with an estimated 1,448 home sales, up from 1,437 the previous month, while Greater Wayne County followed with an estimated 1,291 home sales for the month, down slightly from 1,296 in March.

Year-over-year, twenty-nine locals/counties posted an increase in their average prices led by Lenawee (+51.0%), St. Clair (+39.3%), Lapeer (+37.8%), Traverse Area (+36.5%) and Water Wonderland (+33.2%).

Huron (-24.1%), St. Joseph (-19.3%), Shiawassee (-16.4%), Tuscola (-15.7%), and Greater Lansing (-14.5%) posted the largest declines in year-over-year average home prices.

Tags: existing homes, condos, sales, median home prices, Michigan

Source:
MAR