Southeast Michigan home prices increase by double-digits for 10th straight month

Growth for metro Detroit median home sales prices continued in December, rising by 40 percent year-over-year according to Farmington Hills-based Realcomp.

Realcomp, the multiple listings service for southeast Michigan, reported a median selling price of $120,800 for metro Detroit homes in December 2013, compared to $85,750 in the same month of 2012.

Sales in terms of units were flat at 4,077 homes sold in December 2013, compared to 4,069 a year prior.

Here's a closer look at year-over-year home sales by county in December:

Wayne
The median selling price jumped 67 percent to $75,000, while total units sold dropped 12 percent to 1,467 homes.

Oakland
The median selling price grew 21 percent to $168,250, while total units sold rose 9 percent to 1,452 homes.

Macomb
The median selling price rose 28 percent to $111,750, while the number of units sold increased 11 percent to 940 homes.

Livingston
The median selling price increased 13 percent to $180,950, while the total units sold fell 3 percent to 218 homes.

In the Grosse Pointe area, in which Realcomp includes all of the Pointes and Lake Township, the median selling price climbed 23 percent year-over-year to $214,900, while total sales by units grew 21 percent to 57 homes sold in December.

In the Detroit area, which includes the city of Detroit, Hamtramck, Harper Woods and Highland Park, the median selling price rose 30 percent to $13,000. Home sales by units dropped 23 percent to 358 homes.

Homes sold quicker in Metro Detroit in December of this year, spending 28 fewer days on the market at 49 days.

Across Realcomp's total coverage area, which includes southeast Michigan and a small portion of northern Ohio, on-market inventory shrunk 8 percent to 19,044 homes.