Detroit home sales up 4.8%, inner-ring prices below $10k
Home sales in the Detroit metropolitan area rose again in October, although sales in the central part of the region declined, according to local multiple listing service Realcomp. Single-family home sales and condo sales rose rose 4.8% in October to 4,176 from a year earlier, marking the fourth-consecutive month of gains when comparing year-to-year. September sales jumped 8.2% from the year ago. The median sale price in the metro area climbed 7.7% to $70,000 from a year ago as the number of foreclosure sales declined 6%. In Detroit's inner ring suburbs, however, home sales slid 6.8% to 519 from October 2010 as the number of foreclosure sales stayed flat and the median sales price dipped 0.5% to $9,952. Prices have declined significantly since a median of $49,000 in 2006, though prices have moved off the low of $5,737 in February 2009. Realcomp measures the inner ring as Detroit and its Hamtramck, Harper Woods and Highland Park suburbs. Housing inventory for the metro area declined as well in October, down 19.8% to 21,939 from a year ago. Short sales make up about 23% of Realcomp's MLS inventory, which include some properties outside Michigan. Write to Andrew Scoggin. Follow him on Twitter @ascoggin.