Detroit starting to see more stable housing market

Home prices in Detroit fell in December for the first time since spring 2020.

Driving the news: As rising interest rates make home-buying less affordable, sale prices dropped 17.2% compared to the same month last year for a median price of $66,250, according to RE/MAX's Southeast Michigan housing report.

What they're saying: "We saw prices start to taper off and at the end of the year, we saw the flip (to prices falling instead of rising) actually happen," Jeanette Schneider, president of the local RE/MAX, tells Axios.

Yes, but: Though buying interest from both owner-occupiers and investors slowed, "I would expect there's still going to be demand for housing — there's still a limited supply," Schneider says. "This isn't going to be a story we see every month in 2023."

• The market is stabilizing — we're comparing these numbers to all-time highs over the last couple years.

Of note: On the whole, Detroit's residential property values are still increasing.

• Values rose an average of 20% last year, the city reported last week.