Detroit housing market falls further in March: Realcomp
The Detroit housing market remains absent any sort of recovery, as home sales and the median home price declined once again in March. Sales dropped 9.6% in March to a total 5,295 homes and condos in the Detroit metropolitan area compared to year-ago figures, according to Realcomp, the local multiple listing service. In Detroit proper, sales tanked 19.3%. The greatest decrease in sales volume was in Tuscola where condo and home sales dropped 63.6% compared to March 2010. Sanilac also witnessed a sharp dip in sales volume, down 56.3%. Realcomp reported an increase in sales volume in just two cities in the Detroit metro area. Sales in Huron jumped 75%, however the data constitutes just seven home sales in the area. Sales increased 6.4% in Macomb for a total 912 home sales. The number of foreclosed property sales in the area fell 4.7% in March, while nonforeclosure sales fell 13.8%, Realcomp said. The March median sale prices on these properties were $35,150 and $91,500, respectively. The overall median sale price dropped 11.1% during the month to $60,000 from $67,500 a year prior. Click to expand the chart below the see all cities in the Detroit MSA and the median sales price in that area. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.