Rebounding Real Estate in Detroit
Home sales are expected to rise in 2016 after there was a 12.3% decrease in December of 2015 from November. Growth over 2015 is projected to increase by 7.7% and month-to-month growth is projected to increase at 14.7%. Sales in 2016 are looking a lot brighter with sales at an increasing annual rate of 5.46 million. According to studies by the NAR, existing home sales in December 2015 were up 7.6% from what they were in December of 2014, which is proving 2016 to have a very positive outlook for real estate. 32% of homes in December sold within 30 days, and with the upward projections for 2016, buyers are encouraged to act soon as the market is progressing quickly.