Metro Detroit’s housing prices continued their steady upward climb this spring, rising 5.7% in April compared with a year earlier and reaching fall 2007 levels, according to a key nationwide price indicator released this morning.
The closely watched Standard & Poor’s/Case-Shiller Home Price index shows prices are up 63% in the metro region since their lowest point in April 2011. The index defines metro Detroit as Wayne, Oakland, Macomb, Livingston, St. Clair and Lapeer counties.
Despite those gains, the region’s prices are still 17% off their price peak achieved in late 2005 and early 2006.
A separate report found the median sale price of a metro Detroit house or condo was $165,000 in May, up 3.8% from a year earlier, according to the Farmington Hills-based Realcomp multiple listing service. The total number of home sales for the month jumped 8% over last year.
Private sales and for-sale-by-owner transactions were not included in the Realcomp figures.
Nationwide, the Case-Shiller index showed prices were 5% higher in April than the same period last year. The Portland, Ore., Seattle, and Denver areas reported the highest year-over-year gains, with 12.3%, 10.7% and 9.5% increases, respectively. The smallest increases were in the District of Columbia, New York and Cleveland.
“The home price increases reflect the low unemployment rate, low mortgage interest rates, and consumers’ generally positive outlook,” said David Blitzer, chairman of the index committee. “One result is that an increasing number of cities have surpassed the high prices seen before the Great Recession. Currently, seven cities — Denver, Dallas, Portland, Ore., San Francisco, Seattle, Charlotte, N.C., and Boston — are setting new highs.”