The Michigan Supreme Court has ruled in favor of home sellers in a tax dispute involving property in a market that’s down or slowly recovering.
A new report on home sales shows prices are at their highest in six months.
The average sales prices were up 15 percent last month compared to September 2013. Jeff Glover said that the Metro Detroit area is a good indicator as to how the region is doing.
Mayor Mike Duggan’s Building Detroit home auction program sold a house for a record $135,000 in Detroit’s Boston-Edison District.
Real estate sales in the 10-county metro Detroit area fell 4.7 percent in November from November 2012, but prices continued their sharp upward spike, according to the Farmington Hills real estate information firm Realcomp II Ltd.
A measure of U.S. home prices rose only modestly in October, adding to signs that prices have stabilized after big gains earlier this year.
It’s the highest-priced home for sale in the state.
Prices were up 19 percent in May, according to the S&P’s Case-Shiller index.
RealComp says while the number of homes sold last month was about even compared to one year ago, the median sales price jumped 40 percent.
A seller’s market for homes and condominiums in southeast Michigan? It’s not as ridiculous as it seems.