Another Month, Another Month of Higher Home Prices in Metro Detroit

The good news for real estate values in Metro Detroit continues with the latest numbers showing an increase of 42%  in sale prices in October compared to last October.  Wayne County beat that average slightly with a 43.6% gain. Here is a breakdown by county with selected cities broken out.

Note that the number of sales is up only 2% overall, while prices are up 42%.  In fact, Wayne County sales are actually 4.6% fewer.  What all this means is that distressed sales (i.e. foreclosures and short sales) are likely a smaller percentage of the inventory.  Personal observation of Downriver listings reflects that.  For the sake of the region, let's hope the rebound continues.

You can read more here and here.