August 15, 2012 (Shirley Allen)
Monthly sales of existing single-family homes and condominiums fell slightly from May to June in Michigan but home prices continued their strong showing, increasing by over eight percent from May according to the latest housing data from the Michigan Association of Realtors® (MAR).
An estimated total of 11,693 existing single-family homes and condos were sold in the Great Lakes State in June. That was 179 sales lower than the 11,516 homes sold in May but still 7.1 percent higher than the 10,916 homes sold in June 2011.
The average sales price for an existing home in Michigan increased by 8.5 percent in June to $120,999, up from $111,535 in May, and was 6.1 percent higher than the median price of $114,033 in June of last year.
Of the 41 boards and counties that provide data for the monthly report, thirty reported gains in home sales or were unchanged over the previous year with Huron (+80.0%), Branch County (+67.2%), St. Joseph County (+42.3%), Mason-Oceana-Manistee (+36.7%) and West Central (+33.8%) reporting the largest increases.
Shiawassee (-42.1%), Clare-Gladwin (-28.6%), Bay County (-18.6%), and Hillsdale County (-14.3%) posted the largest declines in annual sales.
Oakland County recorded the most sales for the month with an estimated 1,693 home sales, down from 1,717 the previous month, while Greater Wayne County followed with an estimated 1,519 home sales for the month, up from 1,490 in May.
Year-over-year, twenty-five boards and counties posted an increase in their average prices led by Huron (+138.8%), Antrim Charlevoix Kalkaska (+112.3%), Southwestern Michigan (+55.9%), St. Joseph (+32.3%), and Hillsdale (+29.4%).
Tuscola (-48.1%), Branch County (-32.5%), Clare-Gladwin (-18.6%), Lenawee (-19.8%), and Monroe (-13.9%) posted the largest declines in year-over-year average home prices.
Through the end of June, home sales in Michigan were 9.7 percent higher than they were at the same time last year.
Tags: Michigan real estate, existing homes, condos, sales, median home prices