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Detroit Area home sales up 12.8%

By GRETA GUEST • FREE PRESS BUSINESS WRITER • March 11, 2008

Sales of homes and condos in metro Detroit rose 12.8% in February as compared to a year ago, according to figures released today by Realcomp.

There were 3,591 home and condo sales in the metro area in February compared to 3,184 in the same month a year ago.

Detroit saw the greatest improvement with 804 homes and condos sold in the month compared to 538 in February 2007, a 49.4% spike.

While the area is expected to see its high foreclosure trend continue, the February sales figures are a hopeful sign for the market as spring nears.

Low interest rates and falling home prices are key reasons for the uptick in sales, said Realcomp, a Farmington Hills-based real estate listing service.

Other highlights from the February sales report include:

Macomb County sales rose 21.7% to 483 from 397.
• Oakland County sales rose 7.54% to 818 from 761.
• Livingston County sales rose 19.5% to 104 from 87.
• St. Clair County sales fell 9.4% to 87 from 96.
• Wayne County sales rose 28.1% to 1,481 from 1,156.

Contact GRETA GUEST at 313-223-4192 or gguest@freepress.com.