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DETROIT’S HOME PRICES OVERTAKE MIAMI’S IN NOVEMBER SURGE

January 31, 2024 by Admin Leave a Comment

A recent CoreLogic report indicates a significant and unexpected shift in the
housing market: for the first time, Detroit’s home prices surpassed Miami’s
annual gains in November.

With an 8.7% increase, Detroit ended Miami’s 16-month streak as the leader in
price growth, whereas Miami still showed a robust rise of 8.3%. 

CoreLogic’s chief economist, Selma Hepp, attributes Detroit’s leap to “pent-up
demand accelerating home price inflation. ”

_______________________________________________________________

 * Detroit home prices surpass Miami, leading annual gains in November.

 * Remote work shifts buyer interest to more affordable cities like Detroit.

 * CoreLogic reports a national rise in home prices, with some regions seeing
   declines.

_______________________________________________________________


DETROIT’S HOME PRICES OVERTAKE MIAMI’S IN NOVEMBER SURGE



The trend reflects a shift in housing preferences, partly due to the flexibility
of remote work. 

Detroit’s resurgence and affordability are attracting professionals away from
traditional metropolitan areas.

Nationally, CoreLogic’s data shows a 5.2% rise in home prices in November
year-over-year, a slight increase from October’s 4.7%. 

The Northeast saw the highest regional gains, with Rhode Island at 11.6%,
Connecticut at 10.6%, and New Jersey at 10.5%. 

Conversely, Idaho, Utah, and Washington D.C. experienced price declines.

Hepp comments on the sustained market strength, noting it as impressive against
widespread affordability issues. 

Although lower mortgage rates have supported purchasing power, the scarcity of
available homes continues to drive prices upward.

However, concerns emerge as Detroit’s growing prices outpace income growth,
risking overvaluation. 

CoreLogic’s analysis suggests that 82% of major metro areas are overvalued.

Detroit’s recent performance may hint at changing dynamics in the housing
market. 

As buyers seek value in less conventional locations , other cities might follow
Detroit’s example, challenging traditional market leaders in 2024.

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emerging opportunities, providing the latest data and insights.

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