Good news! Wayne County median home and condo sale prices rose to $114,500 last month from $80,000, a whopping 43.1 percent increase over May 2014 prices. Numbers also continue to rebound for the entire Metro area. It's an upward trend that began about four years ago and means the market is getting back to feeling good after its disastrous 2008 free-fall.
But before everyone breaks into a happy dance, the Realcomp report also included a few bummer stats: Number of actual sales in Wayne County has dropped 9.1 percent to 1,534 from 1,688 in May 2014, and year-to-date median home sale prices in many of Detroit's neighborhoods still fall markedly under $5,000. - Leslie Youngblood
· Realcomp: Median home sale prices rose 15.2 percent year over year in May [Crain's Detroit]
· Metro home sale prices rise in May [Detroit Free Press]
· The metro Detroit region has seen 45 consecutive months of year-over-year gains in housing [Detroit Free Press]