Michigan home price rose 5.3% over last year

WASHINGTON — A survey shows U.S. home prices rose 10.5% in March compared with a year ago, the biggest gain since March 2006.

Core Logic, a real estate date provider, said annual home prices have now increased for 13 straight months. Prices are rising in part because more buyers are bidding on a limited supply of homes for sale.

Prices increased in 46 states over the past year — 11 of them posting double-digit gains. And when excluding distressed sales, prices rose in every state. Michigan prices rose 5.3%.

Nevada led all states with a 22.2% annual gain. It was followed by California (17.2%), Arizona (16.8%), Idaho (14.5%) and Oregon (14.3%).

Michigan home prices are still 39% below the peak reached in November 2005, the third largest drop in the country behind Nevada and Florida.

Home prices also rose 1.9% in March from February, signaling a solid start to the spring buying season.

Reprinted from the Detroit Free Press, 5-7-13

Morris Hagerman is a local real estate agent with Real Estate One in Royal Oak, Michigan.  He serves Berkley and the other Woodward 5 communities, including Ferndale, Pleasant Ridge, Royal Oak and Huntington Woods.  Hagerman is also a member of the Berkley/Huntington Woods Area Chamber of Commerce.  You can contact him by phone at 248-854-8440, email at morrishagermanproperties@gmail.com or visit his web page.