Homes Sales Up vs.Year Ago for 7th Straight Month in Metro Detroit
Metro Detroit Market, Market Statistics
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There is optimistic news in the local Metro Detroit housing industry. Despite Michigan’s current economic challenges, July 2008 home sales for the entire MLS were up 15.1% compared to a year ago. July. Oakland County, Wayne County, Livingston County, Macomb County, and the St. Clair area all increased in the double digits versus last year. The big surprise was Livingston County and the city of Detroit both up close to 40% versus last year. Experts attribute the city of Detroit increasing in sales because of all the investors pouring in to take advantage of all the bank foreclosures in the area.
While this is great news, unfortunately we’re still on shaky ground. Prices are continuing to decline. In fact according to the latest Standard and Poors report, prices are still falling 1.5% each month. Local consumers are tense and uncertain as the turbulence in the automotive industry flows into other area industries. The housing market was also adversely affected, as exemplified by the fact that the four county region was the only metro area to sink below the sales levels of 2000. Despite the uncertain economic times, the housing market does appear to be in an upswing, a positive sign for Michigan.
Date: Monday, August, 18th 2008 @ 06:23:38 AM Views: 140
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