Michigan real estate has been hit hard with a declining economy. Three year statistics show slow and negative growth for both home sales and home sale prices. Statewide averages in July of 2006 show sales are down by 12% from only a year before with 69,312 sales. Overall, sales are from July 2003 when 71,189 units were sold.
Overall, in three years the median sale price in Michigan has jumped $12K. Home sale prices fell .1% from July of 2005-July of 2006 with the median price being $149,9. July 2003 statistics had home sale prices up 4% from June 2003 with a median price of $137,7. From month to month the growth looks slight, but add up the years and it shows positive numbers.