Detroit Leads Way in Sales Price Increase: Pro Teck

Detroit property values have increased the most in percentage of value of any city in the U.S. over the last year, a mortgage consulting firm found in its monthly survey.

Pro Teck Valuation Services' August Home Value Forecast found that sold prices rose 28% from the same time last year, the largest gain in value of any housing market.

"While Detroit has seen healthy gains this year, the Home Value Forecast rating system shows that Detroit is still a soft market," said Pro Teck's chief executive Tom O'Grady in a release. "Although examining one indicator is helpful, it's important to analyze several home price indicators to best understand the health of a real estate market."

The firm placed San Francisco prices "at an all-time high" with a stronger underlying market than Detroit's, while Palm Bay, Fla., Port St. Lucie, Fla., and Merced, Calif., rounded out the top year-over-year sold price increases in the country.

"The West Coast continues to dominate the top 10 markets, with the exception of San Antonio," said O'Grady. "Also, looking at our top three for the month using Collateral Analytics Forecast, we see Bellingham, Wash., Cheyenne, Wyo., and Mount Vernon, Wash., at or near all-time highs with forecasted continuing appreciation."

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