Detroit area housing prices continue to rebound. Prices of existing homes were 6-percent higher in October compared to last year. The Case-Shiller Home Price Index had prices up 70-percent from it’s low level in April 2011.
However, metro area prices are only back to the levels of the fall 2007. Peak prices were in late 2005 and early 2006.
Real estate operators say southeast Michigan has a shortage of homes ready for sale. The Realcomp listing service says the median price of a house in the metro Detroit market was 160-thousand dollars in November, up more than 9-percent from the year before.But inventory declined more than 40-percent.
Realtors say if you have a house for sale and it’s in good condition, it could sell fast.