The average price of a home for sale in Macomb County shot up by more than 20 percent in the past year, yet another sign the local housing market is rebounding after a slump that has lasted more than five years.
Figures released by Farmington Hills-based multiple listing service RealComp II Ltd. show the average price of a home in Macomb County last month was $80,000 compared to $60,000 in November 2011.
The needle moved only slightly in the average price of a foreclosed home in Macomb this past year, going from $46,100 in November 2011 to $50,555 in November 2012. However, the double-digit increases were seen in the price of non-foreclosed homes and condos in the county. The average price went from 83,250 in November 2011 to $100,000 in November 2012.
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A record low number of homes on the market have contributed to the home price increases.
"The inventory has been slow," said Weichert Realtor Franca Calagna. "Now when a house pops up, people are jumping on them."
There were 18 percent fewer homes on the market in Macomb County compared to last year.
Macomb experienced a 3.8 percent increase in total home sales from November 2011, with 887 total sales, compared to 921 in November 2012.
"It's stabilizing and moving at a steady pace," said Calagna.
Sales in Metro Detroit rose 6.7 percent last month from a year ago, following a 17 percent jump in October.