Housing prices in metro Detroit have been on a tear this year, jumping 7.2% in August compared to a year earlier as prospective buyers battled over fewer home listings, according to a leading price index released Tuesday.
The latest S&P CoreLogic Case-Shiller index shows that prices in the metro region — defined as Wayne, Oakland, Macomb, Livingston, St. Clair and Lapeer counties — were up 83% in August from their bottom in April 2011.
Overall, prices in the metro region — which includes Detroit's harder-hit neighborhoods — were back to January 2007 levels and just 7% off their peak in late 2005 and early 2006.
But local real estate experts say that many houses outside Detroit city limits are already at or above their pre-recession price peak.
"Those properties were just so hard hit, and there are many of them, so it kind of skews those figures," said Realtor Jason Matt of Keller Williams in Plymouth.
Sale prices in the Plymouth, Canton and Livonia area were, on average, about $23,000 higher this September compared to last year and $19,000 higher for October, according to Matt.
"Those have come roaring back," he said.
Nationwide, the Case-Shiller index shows that prices were up 6.1% in August compared to last year. Seattle, home to e-commerce giant Amazon, saw the biggest year