Real Estate

Detroit home sales rise 7% for January

Metropolitan Detroit home and condo sales grew 7% in January from a year earlier, according to Realcomp.

Median sales price grew 5.3% to $63,150, as nonforeclosure sales rose 9.2% to 1,906 in the metro area. Foreclosure sales saw a smaller increase by 4.5% to total 1,589.

January continued an upward sales trend for metro Detroit after a modest 2.2% increase in all of 2011.

Sales in inner Detroit, which includes the suburbs of Hamtramck, Harper Woods and Highland Park, rose 11.4% from a year earlier. Median sales price dipped 10% to $9,000.

Cash sales made up 50.2% of all sales measured by Realcomp, which includes some properties outside Michigan.

On-market inventory for the metro area dropped 21.9% from a year earlier, while inner Detroit inventory fell 23.7%.

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