Once again, it's time to get our freeping figures, the monthly numbers report from the Free Press Real Estate Section. The paper consulted Real Comp to give us a lesson in simple supply and demand. The metro Detroit housing supply dropped 18.1%; less stuff to buy and more people to buy it resulted in a price boost. So we're back on track? Not so fast. As usual the numbers report giveth and then taketh away.
Cash sales, those that do not require lender-required appraisals, accounted for 43.5% of all sales last month, Realcomp said. That could be a bad sign, George Smale [ a broker for Coldwell Banker Weir Manuel in Grosse Pointe and an appraiser] said, of people not being able to get financing as much as a good sign about sales closing.
· Metro Detroit home sales rise for 3rd month in September [Freep]