According to the Michigan Association of Realtors and Detroit Board of Realtors (data here), the average sales price of a Detroit home fell to $12,669 in February (Year-to-Date), a -42.5% decline from the $22,016 average home price during the same period last year (see chart above). 2009 year-to-date unit sales increased by 22.3% to 1,884 homes, compared to 1,540 Detroit homes sold last year over the same period.
From the $97,850 peak Detroit home price in 2003, prices have fallen by an amazing 87%.
For the entire state of Michigan, the average YTD home sales price has fallen by -31% to $85,892 through February 2009, compared to last year's average price of $124,618 for the same period.
See related Marginal Revolution post here.
See updated data here, YTD price through July is only $11,596.