Home Prices Continue To Climb In Michigan

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homesalesmesales2-12

 

Home prices across the U.S. and in Michigan reached all time highs in May and that’s causing some to worry about another boom and bust scenario like we experienced about ten years ago. Jeff Glover owns Jeff Glover & Associates at Keller Williams Realty in the Detroit area. He spoke with Michigan News Network about the issue.

“Overall, it looks pretty strong,” Glover said. “The prices are still going up. In fact, most counties saw anywhere from a 6% to a double digit increase in home values year over year. So, that was a good sign.”

Glover says homes for sale have dropped more than 35% in Michigan since last year, which is a concern. He says if more people don’t sell their homes, they’ll start pricing buyers out of the market and they’ll decide to stay and rent or keep their existing home.