Metro Detroit’s housing market continues to gradually regain value it lost during the real estate crash, due in part to a still-tight inventory of available properties.
The newest Standard Poor’s/Case-Shiller Home Price index released Tuesday shows the region’s prices rising 5.1% in June compared with a year earlier and up 67% from their lowest point back in April 2011.
Overall, prices are still 15% off their local peak hit in late 2005 and early 2006. The current prices on the index are comparable to October 2007 levels.
The index defines metro Detroit as Wayne, Oakland, Macomb, Livingston, St. Clair and Lapeer counties.
Local real estate experts say it’s not a bad thing that housing prices haven’t returned to their pre-recession, bubble-inflated heights.
“I think the numbers we