Powered by

As economy stumbles, home prices jump; Demand remains steady even as unemployment rises

May 31, 2020 - Detroit Free Press

Michigan's economy collapsed this spring amid the coronavirus pandemic as thousands of businesses closed and more than 1 million residents lost work and sought unemployment benefits.

Yet in contrast to what happened when the 2007-09 recession hit, metro Detroit home sale prices haven't crumbled so far, and are actually climbing higher. Prices could continue to rise - or at least stay stable - through early summer.

Real estate agents attribute the situation to many would-be sellers de...