Since summer time, Detroit’s home values have apparently been rising — slightly — as the temperature has been dropping.
According to the S&P/Case-Shiller home price indices released earlier today, home prices in and around Michigan’s largest city rose by 1.8 percent compared with where they were in August. The same figures also indicate that home prices are still down by nearly 20 percent comapared with average home values last year. But still, rising home values are better than falling ones even if there’s still a lot more ground to make up.
And comapred with national numbers, metro Detroit’s slight uptick looks considerably better by comparison.
From the Detroit Free Press:
The home price declines have narrowed much more nationally, according to the data. For the nation’s 10 largest cities, home prices were down 8.5% through September, much better than the double-digit declines seen until earlier this year.