Michigan Home Sales Increase in 2008
We hear a lot of bad news about the real estate market, and the Michigan real estate market is supposed to be one of the worst in the country. Therefore, you might be surprised to learn that the number of homes sold in Michigan actually increased by +1.43% in 2008, from 99,552 homes sold in 2007, to 100,943 units in 2008 (data here). What makes that even more impressive is that nationally, home sales decreased by -13% in 2008 vs. 2007, and sales in the Midwest declined by -15% (data here).
Of course, the average home price in Michigan declined by -16%, from $140,724 in 2007 to $117,940 in 2008, but that's part of the recovery process - falling home prices eventually stimulate an increase in the number of homes sold, and that's what's happening in the Michigan real estate market.