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

FHA loan limits increasing for almost all of U.S. in 2020

Thanks to increases in home prices in 2019, the Federal Housing Administration loan limit will increase for nearly all of the country in 2020.

Dec 05, 2019 By

Latest Articles

HousingWire is growing. Come join us

2019 has been a year of tremendous audience and product growth for HousingWire and we couldn’t be prouder. But we’re not ready to rest on our laurels. Far from it. In fact, 2020 promises to be an even bigger year for HousingWire.

Dec 06, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please