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Home Prices Up, Supply Down

Home sale prices are rising in the metro Detroit area. The price went up nearly 5 percent from last year when the median sales price of a home or condominium was $194,900.
Real estate agents say the rising in price is due to a decrease in listings, down nearly 22 percent since last year.
For the city of Detroit, the median sales price reached $38,500 in June, up 41% from a year earlier.
To make their offer more attractive, buyers will often offer above asking price and may waive contingencies such as the home inspection.
Nearly 90 percent of houses have been selling for above asking price.
Home prices across metro Detroit were up 88 percent this spring since the post-recession in 2011 when prices were low.
Detroit neighborhoods including East English Village, University District, Sherwood Forest and Bagley have some of the highest prices.
The number of property investors trying to purchase properties is making buying a challenge for those who can’t pay in cash.
Many Detroit home buyers are getting financing assistance through programs like Neighborhood Assistance Corp. of America and the Detroit Home Mortgage program.