Fewer homes unsold in Detroit area
In what could be good news for home sellers, metro Detroit’s housing supply is inching closer to normal.
In the third quarter, inventory stood at an 8.4-month supply, near the three- to six-month level considered normal. The number of unsold homes might be higher if not for banks and the government, said Dan Elsea, president of brokerage services for Real Estate One in Southfield.
Unsold homes for the same period in 2008 were at a 13.4-month supply.
Full story is available on Freep
