Report: Home sale prices rise in Michigan (but is a fall coming this winter?)
Michigan home sale prices increased significantly during the past three months. But according to a new report, prices are predicted to take another tumble.
Michigan home sale prices are down dramatically from their pre-recession highs. However, a new report from Clear Capitol says Michigan home buyers have been paying more in recent months.
“Michigan overall is actually up even more so than the Midwest region. We have them up 8.5 percent on a quarter over quarter basis. But still down six percent from where prices were a year ago," says Alex Villacorta with Clear Capitol.
But Villacorta says home sale prices nationally appear to have plateaued and he expects they will decline about 3 percent this winter and even more in Michigan, which he says is more volatile than the national housing market.
Villacorta says Detroit’s housing market continues to struggle and remains one of the lowest performing home sales markets in the country. He blames this on the fact that one in every three homes on the market has been repossessed by banks that are now trying to sell them at far below market prices.