Markets & Economy

Detroit, Santa Barbara, Reno are top ‘Turnaround Towns’

Realtor.com ranks metros by changes in median list prices, inventory, inventory age

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With median list prices up 44.3 percent in the third quarter from a year ago and inventory down 24.5 percent over the same period, Detroit, despite filing for bankruptcy in July, experienced the most significant housing recovery from July to September, according to realtor.com's third-quarter "Turnaround Towns" report. Detroit ranked No. 7 on realtor.com's second-quarter report, which ranks metros by the changes in median list prices, inventory and median age of inventory in the realtor.com listings database. Thanks to realtor.com's relationship with the National Association of Realtors, that database includes listings from more than 800 multiple listing services, representing 98 percent of all homes for sale. Typically, markets that were hit especially hard during the housing crisis, like Detroit, Reno, Nev., and Las Vegas, have shown strong signs of recovery because they have so much ground to make up. But during the third quarter, relatively stable housing markets like Ann Ar...