by Ben LaMothe Michigan Business Review
Wednesday June 18, 2008, 12:52 PM
May home sales in Oakland County were up 9.3 percent over the prior-year period, according to a report issued Wednesday that tracks monthly residential and condominium sales in Southeast Michigan.
But the report noted that Michigan remains fifth in the nation in the number of foreclosures, keeping home prices often well below appraisals.
The monthly report by Multiple Listing Services and real estate property data service Realcomp II Ltd. of Farmington Hills surveys home and condo sales in five counties and the city of Detroit. It found that sales were up in May in Oakland, Macomb, Livingston and Wayne counties and in the city of Detroit, while dropping in St. Clair County.
Residential and condo sales in Oakland County rose from 1,135 in May 2007 to 1,241 last month. And the numbers will likely continue to rise, with 1,625 residential and condo sales pending compared to 1,406 in May 2007.
Overall, Oakland County has seen home sales rise in four of the past five months, the report said.
The report found key factors for the continued increase in home sales as homes being priced to sell and interest rates remaining at historically low levels.
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