November home sales in region rise from ‘07

Crain's Detroit

For the 11th straight month, home sales in Southeast Michigan have posted a year-over-year increase.
The 4,644 residential and condo sales posted for November 2008 represent a 20.5 percent increase over the 3,853 sales for the same month in 2007, according to data released today by Farmington Hills-based MLS RealComp II Ltd.
Year-to-date, the region showed an 18.1 percent increase.
Oakland County showed the biggest increase, posting a 31.8 percent increase in November compared to the prior year with 1,114 sales compared to 845.
Detroit showed a 27 percent increase with 918 sales compared to 723.
Livingston County had a 9.7 percent increase
Macomb increased 21.4 and Wayne increased 23.1.
The only decrease was in the St. Clair area with a 14.8 percent drop.
The overall increases are attributed to strong interest from first-time homebuyers, according to a statement issued by RealComp. Sales of starter homes, those under $125,000, are up by 60 percent from last year. Also cited for the increase is greater supply than demand in the area, thus pushing down


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