"In July, home prices rose slightly from the month before, with a median listing price of $109,200. The number of listings on the market grew 4.1% from last month, which is typical for this time of the year in Detroit, and homes are also selling close to the same pace as the same time last year. Typically, home price per square foot in Detroit tend to rise in July."
"So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.9%, which means price changes in Motor City are outpacing the national market. In July, there were 2,364 homes for sale in Detroit, which was 4.1% more than the month before and 9.9% more than the same time last year. Meanwhile, active inventory across the nation rose by 1.9% from last month to 1,102,787."
Median Detroit listing price rose slightly in July to $109,200. The number of listings in Detroit increased 4.1% month-over-month and 9.9% year-over-year, totaling 2,364 homes for sale. New listings numbered 890, up 8.3% from last month and 12.4% from last year. Price per square foot in Detroit remained practically unchanged month-over-month, while national price per square foot decreased 0.9%, indicating Detroit outpaced the national market. Homes in Detroit averaged 53 days on market, unchanged from the prior month and one day faster than last year. National active inventory rose to 1,102,787 and national new listings fell to 434,816.
Read at SFGATE
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