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Wed December 26, 2012
New report: Detroit home sale prices up 10 percent from last year
A new report says housing prices are climbing in Detroit.
Home sale prices in major cities increased by about 4 percent from October 2011 to October 2012, and Detroit is rebounding more than twice as quickly.
However, news isn't all good for the city's housing market. Detroit still has the least expensive houses of any major U.S. city.
That's according to the Standard and Poor's Case-Shiller Home Price Indices. The monthly report tracks the prices of existing, single family houses in metropolitan areas.
David Blitzer works on the index. He says Detroit has seen the largest housing recovery of any city since it bottomed out.
"It has rebounded substantially, but it's certainly not rebounded even to where it was in the year 2000," he said.
He says Detroit is rebounding, but the city has a long way to go.
"If the question is, 'Will a house in Detroit cost more than a house in Washington D.C. anytime soon?' it's quite doubtful," he said.
Blitzer says he predicts the recovery will continue in Detroit's housing market.
-Elaine Ezekiel, Michigan Radio Newsroom