YOY Increase: 15.2%
Detroit’s home prices might have fallen 0.6% from January to February, but that slightly lower month-over-month number was still more than 15% higher than prices in February 2012.
Even with that gain, though, Detroit’s price level of just more than $80,000 remains the lowest on the list by a landslide. Plus, there are some signs that the housing recovery in the city might not be as strong as it seems.
The main one: low inventory. The Detroit Times summed it up, saying “The price hikes are partially due to a mounting problem: The number of homes for sale is shrinking. That shortage already is starting to put some cracks in the foundation of the rebounding housing market.”