Detroit Area Home Sales Stalled by Recent Flooding

Real estate experts in the Detroit, Mich., area say home sales have taken a hit following severe flooding last month.

The Detroit News reports real estate agents expect the market to quickly bounce back after stalled sales. The owner of Edwin Anthony Homes says a house just sold because it was built to avoid flooding and wasn’t damaged by the Aug. 11 storm.

A Royal Oak relator says transactions fell through because potential buyers whose homes flooded needed to spend money on repairs.

A Farmington Hills marketing manager says home sales declined 8 percent in August compared to the same time last year, but it’s unclear if the dip is related to flooding.

A Dearborn relator says residents are now preventing future leaks and making their homes more marketable in the future.