Home sales rose 15%

Home sales in metro Detroit rose 15% while foreclosure activity fell 3.6% during July.


The upward motion in sales was led by Detroit, with a 36% rise in sales as compared to July 2007, and Livingston County, with a 39.2% increase, according to Realcomp, the Farmington Hills-based multiple listing service.


Sales were helped in July by lower home prices that brought out bargain hunters, said Karen Kage, president of Realcomp. The median sales price in July was $105,000, down 25% from $140,000 last July, she said.


About half of the sales in July were foreclosures.


“This time of year is busier than most because people want to get settled in before school,” Kage said. “People are not willing to take the chance that prices are going to go any lower.”


Realcomp figures report home sales reported at closing by its realtor members. The figures do not include homes sold in other ways such as for sale by owner.


For the entire area covered by Realcomp, 5,436 sales were recorded in July, up from 4,723 reported last July.


And foreclosure activity fell by 3.6% from June levels and by 17% from July 2007, according to RealtyTrac Inc., of Irvine, Calif.


Still, Michigan ranked fifth nationwide for the highest state total of foreclosure related filings with 11,591. The figure includes 2,170 notices of default, 5,488 notices of sale and 3,933 bank repossessions.


Michigan had one foreclosure filing for every 389 households. That compares to a national rate of one filing for every 464 households.


In Detroit, 926 sales were reported, up from 681 a year ago. Sales in Macomb County rose to 706 from 601; Oakland County sales were 1,393 up from 1,209; St. Clair area sales were 139, up from 113; and Wayne County sales rose to 1,940 from 1,580.


And pending sales for July were up 37.9% to 7,470. Pending sales are those in which offers have been accepted but closing has not taken place.