Metro Detroit real estate continues to grow more expensive with housing prices rising 5.1% in June compared to a year earlier, according to a key nationwide price indicator released this morning.
This latest Standard Poor’s/Case-Shiller Home Price index shows the region’s housing prices now up 67% from their cheapest point in April 2011 and back to October 2007 levels. However, housing prices are still 15% off the local price peak hit in late 2005 and early 2006.
The index defines metro Detroit as Wayne, Oakland, Macomb, Livingston, St. Clair and Lapeer counties.
Nationwide, Case-Shiller’s year-over-year increase for housing prices in June was also precisely 5.1%. The Portland, Seattle and Denver metro areas had the biggest gains, with Portland leading the way with a 12.6% annual increase, followed by Seattle at 11% and Denver at 9.2%.
The smaller year-over-year increases were reported in New