Metro Detroit housing prices rose 5.7% this spring

Metro Detroit’s housing prices continued their steady upward climb this spring, rising 5.7% in April compared to a year earlier and reaching fall 2007 levels, according to a key nationwide price indicator released this morning.

The closely watched Standard Poor’s/Case-Shiller Home Price index shows prices are up 63% in the metro region since their lowest point in April 2011. The index defines metro Detroit as Wayne, Oakland, Macomb, Livingston, St. Clair and Lapeer counties.

Despite those gains, the region’s prices are still 17% off their price peak achieved in late 2005 and early 2006.

For actual sales figures, a separate report found the median sale price of a metro Detroit house or condo was $165,000 in May, up 3.8% from a year earlier, according to

... read more at: http://www.freep.com/story/money/real-estate/home-sales/2016/06/28/metro-detroit-housing-prices/86464820/