According to the Michigan Association of Realtors and Detroit Board of Realtors (data here), the average sales price of a Detroit home fell to $11,596 in July (Year-to-Date), a -40% decline from the $19,596 average home price during the same period last year (see chart above). 2009 year-to-date unit sales increased by 17% to 7,373 homes, compared to 6,315 Detroit homes sold last year over the same period. From the $97,850 peak Detroit home price in 2003, prices have fallen by an amazing 88%. With a 20% down payment on a $11,596 average priced home in Detroit, the monthly payments on a 30-year fixed-rate mortgage at 5.25% would be only $51.23.
For the entire state of Michigan, the average YTD home sales price has fallen by -23.65% to $93,648 through July 2009, compared to last year's average price of $122,660 for the same period. The number of homes sold in the state through July (63,176) of this year increased by 9.16% compared to last year (57,877).