According to a November 12, 2012 article in the Detroit News, Metro Detroit home sales surged in October, making it the 14th time in the last 16 months they have increased, according to a report released Monday by Farmington Hills-based multiple listing service Realcomp II Ltd.
Sales in the four-county region jumped 17 percent last month from a year ago after declining 1.3 percent in September because of a record-low number of houses listed for sale. Metro Detroit set a new record low for inventory in October at 18,037 homes listed for sale — down more than 600 homes from September, according to Realcomp.
The median price zoomed up 28 percent in Metro Detroit to $89,500, according to Realcomp. Home prices have been steadily climbing for more than a year in the region as fewer foreclosed properties have been put on the market and buyers whittled away a formerly large inventory of houses.
“The market is really just booming,” said Gene Hale, a real estate agent with Livonia-based Elias Realty. “The election is over, the worrying is over. People are starting to relieve their fears and are starting to move. The market’s in full bloom right now.”
Livingston County experienced the largest increase in sales in Metro Detroit, jumping 36.7 percent from October 2011. Macomb County saw a 26.1 percent increase in sales, as Wayne and Oakland counties wracked up 13.8 percent and 12.8 percent increases, respectively.