It marked the 17th straight month of double-digit growth. While prices continued to rise, sales slowed, with 5,085 homes sold throughout Metro Detroit in July 2014, compared with 5,283 homes sold in the same month last year. Realcomp defines Metro Detroit as Wayne, Oakland, Macomb and Livingston counties.
While not broken down for Metro Detroit, on-market inventory across all of Realcomp's coverage area, which includes all of southeast Michigan and a small part of northern Ohio, was up 19.7 percent on an annual basis in July.
Average days on market for homes fell to 40 days last month, from 58 days in July 2013, and marked the quickest pace of sales so far in 2014.
Here’s a closer look at how each Metro Detroit county fared on an annual basis in July:
Wayne
The median selling price grew 29.8 percent to $99,000, while total units sold dropped 9.9 percent to 1,702 homes.
Oakland
The median selling price rose 9.9 percent to $207,675, while total units sold edged up 1.5 percent to 1,956 homes.
Macomb
The median selling price climbed 22.2 percent to $132,000, while the number of units sold slid 5.2 percent to 1,107 homes.
Livingston
The median selling price increased 6.1 percent to $196,350, while the total units rose 6.7 percent to 320 homes.
In the Grosse Pointe area, in which Realcomp includes all of the Pointes and Lake Township, total sales by units dropped 21.4 percent to 77 homes sold in July. The median selling price in the Pointes rose 16.5 percent year-over-year to $262,500.
For the Detroit area, which includes the city of Detroit, Hamtramck, Harper Woods and Highland Park, the median selling price grew 18.5 percent to a mere $16,601. Home sales by units plummeted 20.9 percent to 336 homes.
