Detroit home prices are rising, but inventory is running low.

 

 

 

 

 

 

By: Annalise Frank at Crains Detroit 

Home prices continue to rise in metro Detroit, but real estate agents aren’t seeing as many of the steep, less stable increases that had made some warry in previous months.

The region’s median sale price for houses and condos in August rose 8 percent compared with the same month last year, according to monthly market data released by Farmington Hills-based Realcomp Ltd. II.

“If you look at in some communities over the past couple years, there were double digit increases, percentage-wise, with some of the median home prices,” said James Iodice, president of the Southfield-based Greater Metropolitan Association of Realtors and an associate broker with Bingham Farms-based Coldwell Banker Weir Manuel. “So (now), we’re not going down, we’re just not going up as fast.”

The region is still seeing the tight inventory that has helped push prices up: On-market listings for last month are a 16.6 percent drop from last August; July was similar, a 19 percent drop from 2017’s same-month figure.

 

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