Sorry, home buyers. And congrats, home sellers. Home prices are continuing their inexorable, upward climb. And one unlikely, long-downtrodden city is even being pulled into price-increase frenzy.
Yes, friends, Detroit is officially a hot housing market. Honest.
Overall, the cost of buying a new abode was up 5.4% in December over the previous year, according to the most recent data from the S&P/Case-Shiller Home Price Indices. Prices were also up 0.1% from November.
“Prices are going up, and it’s being aided by low mortgage rates, tighter supplies [of properties on the market] and lower unemployment,” says Chris Bennett, a senior index analyst at S&P Dow Jones Indices.