Home prices on the rise in Metro Detroit

By: Annalise Frank at Crains Detroit

Some real estate market watchers are looking for clues on the next downturn and some are celebrating as home prices continue to rise on shrinking inventory in metro Detroit.

July sales of homes and condominiums in the region are up 6.8 percent over the same month last year, according to July market data released Monday by Farmington Hills-based Realcomp Ltd. II. Despite lagging inventory, metro Detroit reversed last month’s 7.9 percent year-on-year decline in total sales.

“It’s actually gone up, even with inventory down, so that’s good news,” Realcomp CEO Karen Kage said

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