January metro Detroit figures are worse than last year's
BY GRETA GUEST • FREE PRESS BUSINESS WRITER • February 26, 2008
Home sales and prices continued to trend down nationally in January, according to figures released Monday.
Sales of existing homes in January fell 0.4% compared with December and were off 23.4% below the pace in January 2007.
The National Association of Realtors said that a seasonably adjusted annual rate of 4.89 million units were sold in January, compared with the 4.91 million sold in December and the 6.44 million sold in January 2007.
The national median existing home price fell by 4.6% to $210,100 from last January.
The fall-off for home sales in metro Detroit was much steeper, according to figures compiled for the Free Press from register of deeds offices in the tri-county area.
• In Wayne County, home sales fell 34% to 2,208 in January compared with January 2007.
• In Oakland County, home sales fell by 27% to 1,117.
• In Macomb County, sales dropped 40% to 864.
• In the city of Detroit, sales plunged 41% to 1,053.
Total housing inventory rose 5.5% at the end of January to 4.19 million existing homes for sale, or a 10.3-month supply at the current sales pace.
The national Realtors group said that as limits for FHA loans increase that should stimulate sales growth this year.
"We should see some movement of pent-up demand by this summer, but higher loan limits need to be implemented fully and promptly to have maximum benefit," said Richard Gaylord, president of the Realtors group.
BY GRETA GUEST • FREE PRESS BUSINESS WRITER • February 26, 2008
Home sales and prices continued to trend down nationally in January, according to figures released Monday.
Sales of existing homes in January fell 0.4% compared with December and were off 23.4% below the pace in January 2007.
The National Association of Realtors said that a seasonably adjusted annual rate of 4.89 million units were sold in January, compared with the 4.91 million sold in December and the 6.44 million sold in January 2007.
The national median existing home price fell by 4.6% to $210,100 from last January.
The fall-off for home sales in metro Detroit was much steeper, according to figures compiled for the Free Press from register of deeds offices in the tri-county area.
• In Wayne County, home sales fell 34% to 2,208 in January compared with January 2007.
• In Oakland County, home sales fell by 27% to 1,117.
• In Macomb County, sales dropped 40% to 864.
• In the city of Detroit, sales plunged 41% to 1,053.
Total housing inventory rose 5.5% at the end of January to 4.19 million existing homes for sale, or a 10.3-month supply at the current sales pace.
The national Realtors group said that as limits for FHA loans increase that should stimulate sales growth this year.
"We should see some movement of pent-up demand by this summer, but higher loan limits need to be implemented fully and promptly to have maximum benefit," said Richard Gaylord, president of the Realtors group.
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