Traverse City Real Estate Brokers Say Local Market is Defying Slow National Growth
While new numbers show the housing market is not recovering as fast as some had hoped nationally, local real estate agents are seeing signs of growth.
A national home-price index released on Tuesday showed prices dropped in 16 of 20 cities surveyed in February. That is the sixth straight month of decline, according to the Standard & Poor's/Case-Shiller home-price index.
Brokers in the Traverse City area say prices are stable overall and sales are up. The Traverse Area Association of Realtors has seen sales jump 10 percent in the first three months of the year compared to the same time last year.
Low interest rates and a historically low average sale price are behind much of the trend.
9 and 10's Kyle Mitchell and photojournalist Jacob Johnson have more on the local housing market.