Detroit, Houston Home Sales Tell Different Stories

HousingWire tells MHProNews that according to local MLS Realcomp, sales of homes and condos in the metropolitan Detroit area increased 2.2 percent in the last six months of 2011. This figure coincides with a drop in on-market inventory of 22.5 percent, Dec. 2010 to Dec. 2011, to a total of 18,875 homes and condos. The city of Detroit, however, saw home sales decline 8.4 percent in 2011. The metro Detroit sales price fell nearly $1,000, while prices in Detroit proper edged up 0.6 percent. Meanwhile, Houston witnessed its seventh consecutive month of single-family home sales increase in December, up 7.2 percent from Dec. 2010. The Houston Association of Realtors reports every segment of the housing market gained Dec. over Dec. except homes priced above $500,000. Sales of all property categories on an annualized basis rose 4.3 percent compared to 2010; total dollar volume rose 5.2 percent to $13 billion.

(Photo/Image credit: Bankrate)

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