Some good news on the housing front: Metro home sales up by 15%... - Mercedes-Benz Forum

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Some good news on the housing front: Metro home sales up by 15%...

Detroit leads gains with almost double amount of closings over same period last year.

Sales of residential and condominium units in Detroit nearly doubled in January, compared with the same month a year ago, and the region overall got a nearly 15 percent bump, according to real estate data firm Realcomp.

The city of Detroit led the gainers, posting a 45.5 percent increase in the month, with 736 closings.

Seven Realtors who deal primarily in downtown Detroit area property said they have enjoyed some of their recent best sale months in December and January. Sales of houses and condominiums in Detroit jumped by a 33.9 percent in December 2007, compared to December 2006. No other market in the Metro Detroit area came close to that kind of increase last year, according to Realcomp.

Realtors credit tumbling prices, low interest rates and sales of foreclosed properties or properties hoping to avoid foreclosures.

"We're actually seeing revived interest this month in the units that haven't been drastically reduced. That's really good to see because January traditionally isn't the busiest month," said Ryan Cooley of O'Connor Realty in the Corktown neighborhood adjacent to downtown Detroit. "Interest rates are low. If you haven't been impacted by the mortgage situation, it's a good time to buy."

Metro home sales up by 15%

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