Real Estate

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.

ascoggin@housingwire.com

@AScoggin

Most Popular Articles

With record-low mortgage rates, originators and real estate agents aren’t taking a holiday anytime soon

Low rates are making this summer one for the record books. Accordingly, loan officers, underwriters, real estate agents and those working in title and settlement offices are continuing to work the long hours that have become the norm since March. Not that they’re complaining.

Jul 02, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please