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Home prices jump 6.2% in metro
Detroit, back to fall 2007 levels
By JC Reindl, in Detroit Free
Press - May 31, 2016
Prices nationwide rose 5.2%
Housing prices in metro Detroit jumped 6.2% in
March compared with last year, putting prices back to fall 2007
levels, according to the latest Standard & Poor's/Case-Shiller
Home Price index released Tuesday morning.
Prices nationwide rose 5.2% in March
over the same month in 2015, with western states generally showing
the biggest year-over-year gains.
The closely watched Case-Shiller housing index defines
metro Detroit as Wayne, Oakland, Macomb, Livingston, St. Clair and Lapeer
counties. Prices here are still about 18% off their price peak hit in
late 2005 and early 2006, though.
A separate report this spring found the median sales
price of a metro Detroit home was $155,000 in April, or about 7% higher than a
year earlier, according to the Farmington Hills-based Realcomp multiple
listing service. Private sales and for-sale-by-owner transactions were not
included in that data.
“Home prices are continuing to rise at a 5% annual
rate, a pace that has held since the start of 2015,” David Blitzer, chairman of
the Case-Shiller Index Committee, said in a statement regarding the
nationwide results. “The economy is supporting the price increases with
improving labor markets, falling unemployment rates and extremely low mortgage
rates."
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