Time to sell? Home prices rise 9 percent, but new listings are sluggish #DetroitNews

Kirk Pinho - Home sale prices rose in metro Detroit rose by 9 percent in October from the year before because of a lack of houses and condos going up for sale. The lack of inventory of housing for sale could spur demand for new construction and drive up prices further. According to new data from Farmington Hills-based Realcomp Ltd. II, the four-county metro region had 5,236 home and condo sales, a 2.7 percent dip from October 2015, when there were 5,383. Yet the median sale prices rose from $150,000 to $163,

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