Metro Detroit's housing market stayed hot over the summer
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Our housing market was hotter than the rest of the country this summer.
- More than half of Metro Detroit homes for sale in July were snapped up in two weeks or less, according to Redfin data shared with Axios.
Why it matters: Houses that stay on the market for more than a month are usually overpriced or in need of major work, according to Redfin deputy chief economist Taylor Marr.
- Nationwide, roughly 41% of listings were marked pending, contingent or sold within that window, Redfin found.
What's happening: While local home prices are still lower compared with the rest of the country, they're rising faster than the national average, Crain's reports.
- The S&P CoreLogic Case-Shiller Indices, which track listings around the country, report that home prices in Metro Detroit are greatly outpacing the national average, growing 3.2% in July.
What they're saying: "Regional differences continue to be striking," Craig J. Lazzara, managing director at S&P DJI, said in a statement. "On a year-over-year basis, the revenge of the Rust Belt continues."
- The three best-performing metropolitan areas in July were Chicago (+4.4%), Cleveland (+4.0%) and New York (+3.8%).
- Las Vegas (-7.2%) and Phoenix (-6.6%) were the worst performers.
The intrigue: Quick sales defy mortgage rates that are climbing toward 8% and causing sales to slump.
Between the lines: The dearth of homes for sale is driving much of the speed.
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