Rise In Metro Detroit Home Prices And Sales Suggest Recovery

Metro Detroit home prices and sales rose in May, hinting at a continued slow recovery in housing.

Best evidence is a sharp increase in median home price in May, compared with the same month last year. Prices are up because supply of move-in-ready homes is much lower than previously thought, the Free Press reports. The majority of buyers are chasing roughly one-third of all listings.

The other two-thirds of listed homes are less-attractive properties in foreclosure or in need of repairs.

"The housing market, for all practical purposes, has shifted from a buyer's market to a seller's market," Dan Elsea, president of brokerage services for Real Estate One in Southfield, told reporter Greta Guest.