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Detroit Saw Fewer Residential Sales, Higher Prices Last Month

There were fewer residential sales and higher prices in November when compared to last year in Detroit. Compared to last year, the number of Detroit home and condo sales dropped 4.2 percent, reported Crain's Detroit Business. In November 2014, there were 3,855 sales in Wayne, Oakland, Macomb, and Livingston counties, but this year there were 3,693 sales. The county that experienced that severest drop was Livingston, from 253 sales in 2014 to 229 sales in 2015, a 9.5 percent drop. The median listing price rose 5 percent from last year, from $139,000 to $146,000. Of the four counties analyzed, Wayne County experienced the highest growth in median sale price, from $85,000 to $100,000, a 17.6 percent increase.Crain's reported that Detroit's listings spent an average of 44 days on the market last month
· Home sales drop in November while median prices continue to rise [Crain's Detroit Business]