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Home Prices Grows as Inventories Tighten in Detroit
"Metro Detroit's home prices are still rising as inventory falls," reports Annalise Frank.
"The region's median sale price for homes rose 12.9 percent to $177,000 in September, compared with the same month last year, according to Realcomp data. Inventory fell 12.5 percent in the same period, and the number of sales rose 2.8 percent."
The data are starting to resemble a pattern, after Kurt Nagel reported similar data in September. August was a different story: "The region's September increase in number of home sales comes after an 11.2 percent year-over-year drop in August."
"Though the national housing market is entering its cool season, buying and selling remained strong due to low mortgage rates and the strength of the economy, according to Realcomp."