Both the number of homes sold and home prices in the Detroit area rose in May from year-ago levels, according to the Farmington Hills-based real estate information firm Realcomp II Ltd.
The total number of residential and condo sales rose 11.4 percent from a year earlier, from 5,679 units to 6,325 units. The median sale price in the region jumped 21.2 percent from a year ago, from $66,850 in May 2011 to $81,000 in May 2012.
Homes were selling quicker compared to a year ago, with the average days on the market for a home falling to 84 days from 97 a year earlier. And the inventory on the market fell to 27,227, down 17.6 percent from 33,029 a year earlier. About 13 percent of the inventory (3,652) is comprised of properties identified as foreclosures. Another 22 percent of the inventory (5,897) is comprised of properties identified as short sales.
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