Yesterday we reported that Case-Shiller released its annual report on home prices. Today we would like to take a closer look at the numbers and what they mean in Detroit. And, from what we are seeing, home prices soared in May further proving that the real estate market is back!
Since the market crash, no city has surpassed pre-crash levels, until now. Dallas and Denver both made real estate history by being the first two cities to gain at a rate better than before the housing crisis. Five other cities (San Francisco, San Diego, Chicago, Atlanta and Seattle) all had monthly gains over 3%.
The report also shows that the West and Southwest of the country and improving the fastest while New York, Cleveland and Washington D.C. showed the weakest numbers.
Where does Detroit fit in this? Here are the facts:
- Showing accelerated positive monthly return
- On an annual basis, Detroit is showing double digit growth
- Detroit is showing signs of deceleration with a 3% decrease in gains
All of these numbers mean that now is the time to buy. Many cities are putting up record-breaking statistics, and we are urging potential buyers to consider putting in offers now while interest rates are still relatively low.
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. We specialize in all aspects of real estate including short sales, foreclosures and working with home buyers and sellers in the Troy, Birmingham, Rochester Hills and Bloomfield Hills luxury market. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.