subject: Median home price in Detroit rise by 63% to $75,000 in May [print this page] Median home price in Detroit rise by 63% to $75,000 in May
Median home price in Detroit rise by 63% to $75,000 in May
According to the data released by the National Association of Realtors, Midwest homes sales was higher by 22% and more than 130,000 home sales were reported in the region in the month of May. Median sale price of the region rose by 2% to $150,700 and median home price in Detroit city rose by 63% to $75,000 in the month of May.
Home sales in the Midwest were highest in the cities Fargo and N.D. In Detroit, sales was less by 15% because of the rise in prices .The realtors of the region still believe that the figures might be misleading because of the huge differences between the price of residential properties in the suburbs and the heart of the city.
Rise in home sales in Midwest cities was in the range of 12% to 34%.
Economists expect sale of homes to rise in June
The national median price of homes rose by 2.7% in May 2010 as compared to the same month of previous year, to $179,600 .The rate of sale of distressed homes reduced to 31% as compared to 33% of April and the housing inventory also reduced to 3.89 million. In the West, sales rose in the month of May by 4.9%, whereas, in Midwest the sales were constant. In the South, sales were up 0.5% and in the Northwest sales fell by 18.3%.
As the tax credit expired many expected the housing market to get a blow but the last date to receive the credits is June 30 and according to the policy, tax credit for the first-time home buyers was up to $8,000 and second time home buyers could claim up to $6,500, if the buyer got into an agreement on or before April 30.Tax credit kept the housing market eventful in the last two months.
It was estimated that in the month of May the sales of previously occupied homes will rise .The estimation by the economists of Thomas Reuters indicated that the data of National Association of Realtors will show the sales to be up to 6.12 million from 5.79 million of the month of April but according to the reports released on Tuesday as compared to previous month, homes sales was down by 2.2% in May and economists believe the end of tax credit might have caused a decline in sales in the month of May.
Although the market declined by a almost 2.2% in the month of May , economists are still very optimistic because the May closing was up from May 2009 by 19.2% .Economists believe that after a drop in the midyear the sales will rise as the job market improves. Economists expect to see growth in sales in the month of June.
