Metro Detroit Home Prices Rise while National Prices Fall

Home prices in Detroit saw a 13 percent increase in February over the same month last year, which marks the 8th consecutive month of rising Detroit home prices relative to last year. While home prices around the country fell for the fourth straight month in December 2011, housing prices in Detroit actually increased. Detroit has often been known to set itself apart from other major U.S. cities; however, it is a rare event to see the city coming in on the positive end of the financial spectrum. According to the Standard & Poor's Case-Shiller index, as prices around the country fell, Detroit saw an increase of .5 percent during December and has now seen a considerable jump of 13 percent for February 2012.

Robert Dye, a Chief Economist at Dallas-based Comerica Inc., reported the data to be encouraging; however, he warned that "it is still too early to say that residential real estate markets in the Detroit area have definitely turned the corner," (Detroit News). Dye believes that housing affordability combined with low mortgage rates is attracting a lot of buyers to the market. The most notable increases took place in Livingston and Macomb Counties, both of which saw jumps of more than 23 percent over last year's figures (Detroit News).

Ultimately this is good news for Michigan. Perhaps the housing market is beginning to turn around. If you're in the market for a home, buying now before prices rise further makes sound financial sense. As a realtor in East Lansing and the Greater Lansing areas of Michigan, I can attest to an improvement in the market as buyers find more appealing finance options and sellers continue to be flexible with prices. If you would like more information about real estate in the Lansing area please visit MyRealtorRob.

Detroit, Michigan