Metro Detroit September Home Prices Grew Fastest In Nation: Index

METRO DETROIT — Home prices in the metro Detroit area rose faster in September than any other major market in the nation, accordion to an S&P CoreLogic Case-Shiller index released Tuesday.

In the Detroit area, home prices increased 6.7 percent in year over year in September, the largest growth among 20 major urban markets in the index. The national average price increase was 3.9 percent, according to the index.

Although home prices grew the fastest in the metro Detroit area, setting record high prices, the median sales price in the area was $250,000 in October, much lower than the nationwide median sales price was $391,800 in October, accordion to the National Association of Realtors.

"We've commented before on the breadth of the housing market's strength, which continued to be impressive," Managing Director at S&P DJI Craig J. Lazzara said. "On a seasonally adjusted basis, all 20 cities showed (month-over-month) price increases in September; before seasonal adjustments, 15 rose."

The five metro areas, according to the index, with the highest year over year price increase in September were:

• Detroit — 6.7 percent
• San Diego — 6.5 percent
• Chicago — 6 percent
• Boston — 5.3 percent
• (tie) Miami — 5 percent
• Cleveland — 5 percent