Here’s a little good economic news for a change. Home sales in the Detroit area were up significantly in July from the same month last year — and the average price of those sales in the city of Detroit doubled from last year. The Detroit Free Press reports:
Metro Detroit home sales rose 22.4% in July compared with a year before, with 4,944 homes sold in Macomb, Oakland and Wayne counties, according to Realcomp data released Monday.
Prices, however, continue to be hit hard by the large number of foreclosures still sifting through the market, according to the Farmington Hills-based multiple listing service.
Macomb County had the biggest sales increase during the month, reporting a 29% rise in sales to 917 for July, compared with 706 in July 2008. Sales in Wayne County rose 23.2% to 2,391, and were up in Oakland County by 17.4% to 1,636.
And while the median sales price of homes in the suburbs was down significantly from a year ago, the median price of a home sold in the city of Detroit doubled from $11,000 to $22,000. That’s still incredibly low but at least it’s headed in the right direction. Sales are expected to remain strong over the next couple months as people rush to get deals closed by November 3 in order to be eligible for an $8,000 federal tax credit for first-time homebuyers.