The number of Metro Detroit homes and condominiums for sale grew for the first time in five years — an encouraging sign in a market where a dearth of inventory has meant sagging sales and rising prices, according to a monthly report released Monday by Farmington Hills-based RealComp.
The inventory of homes and condos for sale in Livingston, Macomb, Oakland and Wayne counties grew to 15,202 in May, which is only 68 more than what was on market in May 2013, RealComp reports. But it was the first year-over-year increase since May 2009.
The average median sales price in May increased to $138,000, a 24.3 percent jump from $111,000 In May 2013.
But sales dropped by 8.9 percent, due to lack of inventory, to 4,623 in May.
