According to the Michigan Association of Realtors and Detroit Board of Realtors (

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), the average sales price of a Detroit home fell to $11,596 in July (Year-to-Date), a -40% decline from the $19,596 average home price during the same period last year (see chart above). 2009 year-to-date unit sales increased by 17% to 7,373 homes, compared to 6,315 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 88%. With a 20% down payment on a $11,596 average priced home in Detroit, the monthly payments on a 30-year fixed-rate mortgage at 5.25% would be only $51.23.