Detroit home sales jump 13% in February over year-ago figures
Home sales in metropolitan Detroit shot up 13% in February from a year earlier, according to Realcomp.
The area continues its trend of year-over-year growth in sales, including a 7% increase in January and 2.2% full-year rise for 2011. Transactions also rose 9.6% in February from a month earlier.
Median sales price grew 5.7% to $58,000 in the metro, and on-market inventory fell 20.2% year-over-year to 19,341. Foreclosure sales made up 47.1% of all deals, down from 50.1% in February 2011.
The market in inner Detroit, which also includes the cities of Hamtramck, Harper Woods and Highland Park, saw more modest growth. Sales ticked up 1.6% in February from 2011, while prices also grew to $9,500 from $9,000 in January and $9,350 a year earlier.
Inventory for inner Detroit fell 19.5% to 3,399. Foreclosures continued to make up a majority of the market, as those sales made up 64.8% of all deals.
Realcomp, a multiple listing service, tracks sales in Southeast Michigan and others outside the state.