Metro Detroit home sale prices rose 24% in April | Bedford NY Real Estate

Home prices in metro Detroit jumped 24% in April from a year earlier as house hunters chased a smaller number of properties on the market, according to a Realcomp report released Monday.

Figures from Farmington Hills-based Realcomp show the median home sale price for the region was $121,900, compared with $98,250 in April 2013.

At the same time, there were 14% fewer sales than in April 2013 and housing inventory dipped 6%.

Housing experts say the slim inventory of for-sale homes is continuing to lift prices. Desirable properties are selling fast and often receiving multiple bids. The average days on the market for a metro Detroit home was down to 48 days from 70 a year ago.

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http://www.freep.com/article/20140512/BUSINESS04/305120145/Metro-Detroit-housing-prices-up-April-2014-Realcomp