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Metro Detroit Home Prices Rise 2.7% in August, Among Hottest in Country

By Greta Guest, Detroit Free Press

Home prices in metro Detroit rose 2.7% in August, making it one of the strongest summer selling markets in the country.

For the second month in a row, metro Detroit and Washington, D.C., ranked as the only two major metropolitan areas to see price appreciation in the past year though many areas showed prices rose from July to August, according to the S&P/Case-Shiller Home Price Indices released this morning.

Midwest cities including Detroit, Minneapolis and Chicago have posted monthly increases since May.

“These markets were some of the weakest during the crisis, particularly Detroit,” said David M. Blitzer, chairman of the index committee at S&P Indices. “But as of August 2011, Detroit is the healthiest when viewed on an annual basis.”

Metro Detroit home prices still linger at 1995 levels, however. Average home prices in the metro area rose 1.4% from July to August and 4.3% from June to July.

Average home prices for the nation’s top 20 cities fell by 3.8% in August compared to August 2010.

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