People who are selling their homes are getting more money for them and not waiting as long to sell them.
The number of home sales fell but prices continued their upward march in January compared to a year earlier, according to figures released Monday by the Farmington Hills real estate information firm Realcomp II Ltd.
Despite rising for 26 straight months, prices in Detroit are still lower than they were in January 2000.
Prices were up 19 percent in May, according to the S&P’s Case-Shiller index.
The number of home sales in southeast Michigan sagged in February — due to far fewer foreclosure sales — but home prices surged, according to figures released Monday by the Farmington Hills real estate research firm Realcomp II Ltd.
US home prices rose in most major cities in October compared with a year ago, pushed up by rising sales and a decline in the supply of available homes. In the metro Detroit area, prices increased 10 percent.
Home prices in Detroit and other major cities rose in May from April, a sign of a modest housing recovery.
The number of houses on the market has decreased in many areas, driving value up.
Both the number of homes sold and home prices in the Detroit area rose in May from year-ago levels, according to the Farmington Hills-based real estate information firm Realcomp II Ltd.
A report from RealtyTrac shows the number of foreclosure properties in Michigan dropped 11.5 percent from February to March.