8 years after the bubble burst, Michigan home sale prices are still inching their way back up
Michigan home sale prices have made a major recovery from the bottom of the recession.
But home prices are still far below their peak eight years ago.
Michigan’s median home price reached its peak in September, 2005 at about $150 thousand.
After the bubble burst, home prices fell dramatically, tumbling to just $51 thousand dollars.
Median home prices bottomed out in June of 2009 and have been climbing slowly since.
Realty Trac’s Daren Bloomquist says Michigan’s median home price last month was $97 thousand dollars.
“Home prices have risen 92% from June, 2009 in Michigan,” says Bloomquist, “But they’re still 35% below that peak in September, 2005.”
Michigan is the only state in the Realty Trac survey with median home sale prices averaging under $100 thousand.
Bloomquist blames the high number of short sales and foreclosed home sales in Michigan for holding down the state’s home sale prices.