It looks like 2013 may be a better year for the Detroit housing market. In the first month of the year, all multiple-listing service sales rose by 9.4% from a year earlier, according to data from Realcomp.
This stands out in a market that suffered so much throughout the housing crisis, and in a market that the Obama Administration considers a struggling economy.
In the Obama administration’s monthly scorecard for January, the U.S. Department of Housing of Urban Development revealed that the administration’s efforts have helped nearly 100,000 Detroit households avoid foreclosure.
"Every foreclosure avoided has positive impacts for families, communities, and our economy," said Treasury Assistant Secretary for Financial Stability Tim Massad.
Additionally, an estimated $208 million has been provided for the city via HUD’s stabilization program in order to aid redevelopment and assist resident property purchases, the scorecard revealed.
The median sales price for all homes for sale jumped 27.1% from $63,000 to $80,091 year-over-year in January. The median sales growth varied from metro to metro, with some metros seeing as much as a 65% increase since last year, the Realcomp report showed.
It looks like buyer demand grew as the Detroit market continues to become healthier, with the average days on the market dropping from 89 to 81.
The true indicator of a market turnaround in Detroit, however, is the decline in foreclosure sales, which dropped 11.7% from last month to January 2012. Some metros saw a much larger drop of foreclosure sales, such as Grosse Pointe, whose foreclosure sales fell 40% year-over-year.
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