Union Membership in Michigan Increases

  • The unemployment rate increased at the state level, minimally, and decreased in Detroit (monthly);
  • Union membership in Michigan increased between 2016-2017;
  • Regionally, Washtenaw County’s unemployment rate was the lowest;
  • Housing prices slightly decreased from November to December.

In February of 2018 the unemployment rate for the State of Michigan was 5.2, a slight decrease from the January unemployment rate of 5.3, according to the most recent data provided by the Michigan Department of Technology, Management and Budget. The State unemployment rate for February was 0.1 point below what it was in February of 2017.

The Detroit rate was 2.5 points lower in February of 2018 than in February of 2017. In February of 2018 Detroit’s unemployment rate was reported to be 9.5, this was 0.4 points lower than the month before.

The chart above displays the unemployment rates for each of the seven counties in Southeastern Michigan for February of 2017 and 2018. St. Clair County had the highest unemployment rates for both 2017 and 2018 (6.4 and 5.7 percent, respectively). Washtenaw County had the lowest unemployment rates in 2017 and 2018 during the month of February; Oakland County also had the lowest unemployment rate in the region in 2018. In February 2018 the Washtenaw County and Oakland County unemployment rates were 3.6. In 2017, the unemployment rate in Washtenaw County was also 3.6, meaning there was no change from one year to the next. Monroe County’s unemployment rate also remained unchanged between 2017 and 2018; for both years it was reported to be 5.3.

Wayne and St. Clair counties were the only two in the region with unemployment rates above at or above 5.5 in February of 2018. These two counties also had the largest unemployment decreases between February of 2017 and February of 2018. The decrease was 0.7 for both counties. All counties experienced a decrease in unemployment rates, except for those where the rates remained unchanged.

The percentage of the employed workforce with membership in a union increased between 2016 and 2017 in the State of Michigan, according to the Bureau of Labor Statistics. According to the data, 15.6 percent of the employed workforce were members of a union in 2017; in 2016 that number was 14.4. With 15.6 percent of the employed workforce being members of a union, that equated to 658,000 employees; in 2016 606,000 employees were members of a union.

While the total number of union members has fluctuated over the last five years, there has been a significant decrease in the total number of union members since 2007. In 2007, according to the data, there were 819,000 union members, and by 2017 that number decreased to 658,000. The total percentage of the employed workforce that were members of a union was 19.5 percent in 2007. Again, the percentage that was members in 2017 was 15.6.

The above chart shows the Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area. The index includes the price for homes that have sold but does not include the price of new home construction, condos, or homes that have been remodeled.

According to the index, the average price of single-family dwellings sold in Metro Detroit was $117,340 in December 2017; this was $210 lower than the average family dwelling price in November. The December 2017 price was an increase of $7,220 from December of 2016 and an increase of $13,570 from December of 2015 and an increase of $20,360 from December of 2014.

February Economic Indicators: Unemployment Rates, Housing Costs Fairly Stable

 

  • The unemployment rate increased at the state and local levels(monthly);
  • Regionally, Washtenaw County’s unemployment rate was the lowest;
  • The number of demolitions in Detroit outweighed the number of building starts;
  • Housing prices remained flat.

In December of 2017 the unemployment rate for the State of Michigan was 4.7, a slight increase from the November unemployment rate of 4.6, according to the most recent data provided by the Michigan Department of Technology, Management and Budget. The State unemployment rate for December was 0.3 points below what it was in December of 2016.

The Detroit rate was lower over the last year, but up for the most recently reported month. The City of Detroit unemployment rate was reported to be 1.1 points lower in December of 2017 than what it was reported at in December of 2016. For December 2017 the unemployment rate was reported at 8.7; in 2016 it was reported to be 9.8. Between November and December of 2017 though the unemployment rate for Detroit increased by 0.9 points.

The chart above displays the unemployment rates for each of the seven counties in Southeastern Michigan for December of 2016 and 2017. Wayne County had the highest unemployment rates for both 2016 and 2017 (5.7 and 5.1 percent, respectively). Washtenaw County had the lowest unemployment rates in 2017 and 2016 during the month of December. In December 2017 the Washtenaw County employment rate was 3 and in 2016 it was 2.7. Additionally, in December of 2017, Washtenaw and Monroe counties were the only two in the region that had unemployment rates higher than in December of 2016.

Wayne and St. Clair counties were the only two in the region with unemployment rates above 4.5 percent in 2017.

St. Clair County had the largest unemployment rate decrease between December 2016 and 2017 at 0.8. In December of 2017 St. Clair County had a unemployment rate of 4.8, and in 2016 that rate was 5.6.

Oakland County had the highest number of housing starts in 2017, according to the Southeastern Michigan Council of Governments, at 3,467. St. Clair County had the lowest number of housing starts in the region at 307, more than 3,000 less than Oakland County.

Macomb, Oakland and Wayne counties had the highest number of housing starts in 2017; these counties also have the highest population numbers in the region. Additionally, all three counties have experienced growth in the number of housing permits being pulled since 2010. Macomb and Oakland counties did experience a dip of about 400 each in 2014, but numbers continued to grow after this.

Wayne County was the only one in the region that had a higher number of demolitions than housing starts. All but 206 of 3,415 demolitions occurred in the City of Detroit, according to SEMCOG. In total, there were 3,209 demolitions in Detroit in 2017 and 1,084 housing starts in the same year.

Below is a map of all the demolitions in Detroit between Jan. 1 and Feb. 22, 2018. So far this year there has been 176 demolitions in Detroit, according to the City’s open data portal. The map shows that the demolitions are now occurring outside of the downtown/Midtown areas and instead farther out into the City. Some of the heaviest concentrations of demolitions are occurring in the West Village area of the City and in the far northwest area.

The above chart shows the Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area. The index includes the price for homes that have sold but does not include the price of new home construction, condos, or homes that have been remodeled.

According to the index, the average price of single-family dwellings sold in Metro Detroit was $117,550 in November 2017; this was $300 lower than the average family dwelling price in October. The November 2017 price was an increase of $8,230 from November of 2016 and an increase of $14,140 from November of 2015 and an increase of $20,260 from November of 2014.

Southeastern Michigan’s Population Slightly Increases, Auto Sales and Unemployment Decreases

  • Detroit and Wayne County suffered the loss of populations between 2015 and 2016, while some of the region’s outermost communities experienced growth;
  • The unemployment rate decreased at the State and local levels(monthly);
  • Regionally, Livingston County’s unemployment rate remains the lowest;
  • The Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area shows home prices continue to increase monthly and annually while national mortgage rates are became higher than those throughout the State and the City of Detroit.
  • Auto sales took a dip between 2016 and 2017, while employment in auto manufacturing increased

The City of Detroit remained the most populated City in Michigan, according to 2016 Census data. However, Detroit’s population numbers continued to decline. In 2016, it was reported that the City of Detroit had a population of 683,443 and in 2015 the population was at 690,074. This 6,631 person population loss was equivalent to nearly a 1 percent loss in population. Aside from Detroit remaining as the most populated city regionally, and statewide, the other four of the top five most populated cities in Southeastern Michigan were: Warren (135,069), Sterling Heights (131,674), Ann Arbor (118,087) and Clinton Township (99,193). Of all the five communities, Detroit was the only City to lose residents. Of the 210 communities for which data was available was available for, 98 lost residents between 2015 and 2016.

Overall, while population gain, and loss, between cities wasn’t extreme, the trend of some of the region’s most rural communities growing continued. For example, Greenwood Township in St. Clair County grew by about 800 people, which was about an 8 percent increase. In terms of percent change, the top 10 communities that experienced growth, ranging from percent change increases of 5.8 to 1.8 percent, were all located outside of the region’s urban centers, with the exception of Ypsilanti. This narrative is further strengthened by the fact that, at the County level, four counties that grew in population between 2015 and 2016. Those four were Oakland, Washtenaw, Livingston and Macomb counties. As the map shows, majority of the communities in these counties experienced no more than a 0.21 population loss, if a loss occurred at all. In terms of percent change, Washtenaw County grew the most at 1.13 percent, which was equivalent to an additional about 4,000 people calling Washtenaw County home. Conversely, Wayne County experienced the greatest population loss in the county at -0.64 percent, which was equivalent to about a 11, 375 people leaving the county between 2015 and 2016. Despite the population loss, Wayne County remains the most populated county in the region with 1,767,593 residents.

When examining the bigger picture, the data shows that, as a whole, Southeastern Michigan grew by about 3,700 residents between 2015 and 2016. In 2016 there were 4,716,448 residents and in 2015 there were 4,712,709.

In November of 2017 the unemployment rate for the State of Michigan was 4.6, a slight increase from the October unemployment rate of 4.5, according to the most recent data provided by the Michigan Department of Technology, Management and Budget. The State unemployment rate for November was 0.3 points below what it was in November of 2016.

The City of Detroit unemployment rate was reported to be 2.6 points lower in November of 2017 than what it was reported at in November of 2016. For November 2017 the unemployment rate was reported at 7.8; in 2016 it was reported to be 10.4.

The chart above displays the unemployment rates for each of the seven counties in Southeastern Michigan for November of 2016 and 2017. Wayne County had the highest unemployment rates for both 2016 and 2017 (5.7 and 4.5 percent, respectively). In November of 2017, Livingston County had the lowest unemployment rate at 2.8 while Washtenaw County had the lowest rate in 2016 at 2.9. By November of 2017, Washtenaw County’s unemployment rate increased to 3.1. In November of 2017, Washtenaw and Monroe counties were the only two in the region that had unemployment rates higher than in November of 2016.

Wayne and St. Clair counties were the only two in the region with unemployment rates at or above 4 percent in 2017.

Wayne County had the largest unemployment rate decrease between November 2016 and 2017 at 1.3. In November of 2017 Wayne County had a unemployment rate of 4.5, and in 2016 that rate was 5.7.

Data on the national, state and local average 30-year mortgage interest rates show rates increasing across all three from September to December. These rates were provided by bankrate.com, which does a national survey of large lenders on a weekly basis. As a 30-year fixed rate mortgage is the most traditional form of home financing, we chose it to show the rate differences.

It was the national interest rate with the highest average for in December of 2017 at 4.09, which was 1.1 points higher than the last time we examined this data, which was in September of 2017 .

In December of 2017 Detroit’s average 30-year fixed mortgage interest rate was 4.03, a rate that was higher than the state average. It showed an increase after declining from March through September.

The above charts show the Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area. The index includes the price for homes that have sold but does not include the price of new home construction, condos, or homes that have been remodeled.

According to the index, the average price of single-family dwellings sold in Metro Detroit was $117,850 in November 2017; this was $1,170 higher than the average family dwelling price in May. Also, the November 2017 price was an increase of $8,060 from June of 2016 and an increase of $14,440 from November of 2015 and an increase of $20,560 from November of 2014.

According to data from a recent Wall Street Journal article, overall year-to-date auto sales for the Ford Motor Company, General Motors and Chrysler all declined between 2016 and 2017. This data includes sales of domestic and import cars and trucks. Chrysler suffered the biggest hit, according to the data, with an 8.9 percent total decrease in sales. Ford suffered a .9 percent decrease in sales and General Motors suffered a 1.4 percent decrease.

Of all the automotive companies, American and international, General Motors had the largest percent of market share in 2017 at about 17 percent with about 3 million sales.

Between 2010 and 2017 employment in both the motor vehicle and motor vehicle parts manufacturing employment sectors has grown in the Detroit Metropolitan Statistical Area. In 2010 there were 45,100 employees in the motor vehicle employment manufacturing sector and 18,400 in the motor vehicle parts manufacturing sector for an over all total of 63,500. By 2017 there 71,500 employees in the motor vehicle manufacturing employment sector, a number that has steadily increased over the last eight years. For the motor vehicle parts manufacturing sector there were 27,100 employees. The total across both sectors in 2017 was 98,600. So, compared to 2010, these two have increased overall by 35,100, more than 50 percent. However, the rate of increase for vehicle manufacturing has slowed, while the rate for parts manufacturing has stabilized, after a slight drop.

Economy Continues to Improve in Southeastern Michigan

  • The unemployment rate increased at the State and local level (monthly);
  • Regionally, Livingston County’s unemployment rate was the lowest;
  • The Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area shows home prices continue to increase monthly and annually.

According to the most recent data provided by the Michigan Department of Technology, Management and Budget, the unemployment rate for the State of Michigan increased throughout the summer. In June of 2017 the state unemployment rate was 4 and by July it rose to 4.9. While there was this increase during the summer months, unemployment rates were lower than those in the winter months, which peaked at 5.3 in February.

The City of Detroit unemployment rate peaked at 12.3 in January and has continued to decline since then. In June, for which the most recent data was available, the unemployment rate was recorded at 7.8, up slightly from 7.5 in May.

According to the most recent data provided by the Michigan Department of Technology, Management and Budget, the unemployment rate for the State of Michigan increased throughout the summer. In June of 2017 the state unemployment rate was 4 and by July it rose to 4.9. While there was this increase during the summer months, unemployment rates were lower than those in the winter months, which peaked at 5.3 in February.

The City of Detroit unemployment rate peaked at 12.3 in January and has continued to decline since then. In June, for which the most recent data was available, the unemployment rate was recorded at 7.8, up slightly from 7.5 in May.

The chart above displays the unemployment rates for each of the seven counties in Southeastern Michigan for June of 2016 and 2017. All but Monroe showed declines across June 2016 to June 2017. Wayne County had the highest unemployment rates for both 2016 and 2017 (6.7 and 4.5 percent, respectively). In 2017, Livingston County had the lowest unemployment rate at 2.7 while Washtenaw County had the lowest rate in 2016 at 3.9. Wayne and Monroe counties were the only two in the region with unemployment rates above 4 percent in 2017. In 2016 though, Washtenaw County was the only one in the region that had an unemployment rate below 4.

St. Clair County had the largest unemployment rate decrease between June 2016 and 2017 at 2.5; Monroe County had the lowest at 0.0.

Unemployment Decreases throughout Southeastern Michigan

  • The unemployment rate decreased at the State and local level(monthly);
  • Regionally, Washtenaw County’s unemployment rate remains the lowest;
  • The average 30-year mortgage interest rate in Detroit is higher than the national average, lower than the week the federal interest rate was increased;
  • The Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area shows home prices continue to increase monthly and annually.

According to the most recent data provided by the Michigan Department of Technology, Management and Budget, the unemployment rate for the State of Michigan decreased slightly to 5 percent in March of 2017 from 5.3 percent the previous month. The City of Detroit’s rate also decreased, but at a slightly larger rate. In March 2017, the City of Detroit’s unemployment rate was 10.3 percent, a substantial cut from February’s 12 percent. Additionally, unemployment in the City of Detroit decreased from to 11 percent in March of 2016 to 10.3 percent in 2017.

The chart above displays the unemployment rates for each of the seven counties in Southeastern Michigan for March of 2016 and 2017. St. Clair County had the highest unemployment rate for both 2016 and 2017 (7.1 and 6.2, respectively) while Washtenaw County had the lowest rates (3.1 and 2.8, respectively). St. Clair County and Wayne counties were the only two in the region with unemployment rates at or above 6 in March for both years. St. Clair County also had the largest unemployment rate decrease between March 2016 and 2017 at .9; Monroe County had the lowest at .1.

Four of the seven counties (Livingston, Monroe, Oakland and Washtenaw) all had unemployment rates at or below 5 for March of 2017.

Above are three average 30-year mortgage interest rates at the national, state and local levels for the week of May 15, 2017. These rates were provided by bankrate.com, which does a national survey of large lenders on a weekly basis. As a 30-year fixed rate mortgage is the most traditional type of home financing, this was chosen to show the rate differences. The State of Michigan had the lowest average interest rate for the week of May 15, 2017 at 3.82, which was lower than the last time we examined that data (week of May 20, 2017 the rate was 4.14 percent). Also during the week of May 15, 2017 Detroit’s average 30-year fixed mortgage interest rate was higher than the national average; this was not the case during the week of March 20, 2017. During the week of May 15, 2017 Detroit’s average 30-year fixed mortgage rate was 4.12 and the national average was 4.02.

Compared to two months ago, when the Federal Reserve Raised the federal interest rate by .25 percent, mortgage rates at the local (Detroit), state (Michigan) and national level are lower. While the rates are currently lower, the federal interest rate increase is expected to impact credit products, such as mortgages and auto loans, in addition to savings, home equity lines of credit and credit cards.

The above charts show the Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area. The index includes the price for homes that have sold but does not include the price of new home construction, condos, or homes that have been remodeled.

According to the index, the average price of single-family dwellings sold in Metro Detroit was $111,790 in February 2017; this was $940 higher than the average family dwelling price in January. Also, the February 2017 price was an increase of $8,440 from February of 2016 and an increase of $14,720 from February of 2015 and an increase of $18,370 from February of 2014.

Detroit Unemployment Increases, Along with Number Employed and Labor Force

  • From April to May 2016, the unemployment rate across the state and within the city of Detroit increased (monthly);
  • Overall, however, the number of employed Detroit residents increased (monthly);
  • The Purchasing Manager’s Index for Southeastern Michigan decreased from May to June 2016 (monthly);
  • Commodity Price Index also decreased for Southeastern Michigan (monthly);
  • Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area shows home prices continue to gradually increase on a month-to-month basis.

Unemployment

According to the most recent data provided by the Michigan Department of Technology, Management and Budget, the unemployment rate for the State of Michigan increased to 4.5 percent in May 2016; the unemployment rate was 4.3 percent in April. During this same period, unemployment in the City of Detroit also increased, but at a higher rate. Detroit’s unemployment increased from 9.1 percent in April to 9.8 percent in May.

Slide05

In May of 2016 the number of employed Detroit residents rose to 218,656, an increase of 1,577 from April. Between May of 2016 and May of 2015 there was a total increase of 8,756 employed Detroit residents, according to the Michigan Department of Technology, Management and Budget.

Along with the the number of employed Detroit residents increasing over the last year, so has the labor force. Between April and May of 2016 the labor force increased by 3,784 and between May of 2015 and May 2016 the labor force increased by 803. In May of 2016 the labor force recorded by the the Michigan Department of Technology, Management and Budget for the city of Detroit was 242,432.

Auto Manufacturing employment

The above chart shows the number of people employed in the auto manufacturing industry in the Detroit Metropolitan Statistical Area (MSA) (Detroit-Warren-Livonia) from May 2015 to May 2016. In that time frame the number of people employed in this industry decreased by 900, from 94,200 to 93,300.

PMI

The Purchasing Manger’s Index (PMI) is a composite index derived from five indicators of economic activity: new orders, production, employment, supplier deliveries, and inventories. A PMI above 50 indicates the economy is expanding.

According to the most recent data released on Southeast Michigan’s Manager’s Index, the PMI for June 2016 was 58.8, a decrease of 1.1 points from the prior month. The May 2016 PMI was a decrease of 3.2 from May of 2015.  Although there was a decrease, the PMI is still considered strong because of new orders, employment and production. There was a decrease in finished goods, which caused the decrease, along with a decrease in the commodity price index, which is shown below.

Commodity Price Index

The June 2016 Commodity Price Index decreased 7.1 points from May and 6.9 points from the prior year. According to the ISM-Southeastern Michigan PMI the Commodity Price decreased between May and June, however fuel, paper and plastics went up in price.

Detroit Home Prices

The above charts show the Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area. The index includes the price for homes that have sold but does not include the price of new home construction, condos, or homes that have been remodeled.

According to the index, the average price of single-family dwellings sold in Metro Detroit was $103,780 in March 2016. This was an increase from $97,900 from March of 2015 and an increase from $93,780 from February of 2014.

Metro-Detroit’s Home Prices Continue to Grow

  • From November 2015 to December 2015, the unemployment rate across the state remained stable and the city of Detroit’s increased (monthly);
  • The Purchasing Manager’s Index for Southeast Michigan decreased from November 2015 to December 2015 (monthly);
  • Commodity Price Index increased from November 2015 to December 2015 for Southeast Michigan (monthly);
  • Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area shows home prices are about $6,800 higher than in December of 2014.

Slide03

 

 

According to the most recent data provided by the Michigan Department of Technology, Management, and Budget, the unemployment rate for the State of Michigan remained constant at 4.5 percent between November and December of 2015. During this same period, unemployment in the City of Detroit increased from 10.6 percent in November to 10.9 percent in December.

Slide05

Since March of 2015 the number of people employed in the city of Detroit increased by 4,895, for a total of 214,282 people employed in the city in December of 2015. In the last year, the month of March had the lowest number of people employed in Detroit. Employment went down slightly in December.

Slide07

The above chart shows the number of people employed in the auto manufacturing industry in the Detroit Metropolitan Statistical Area (MSA) (Detroit-Warren-Livonia) from January 2015 to December 2015. In that time frame the number of people employed in this industry increased by 1,100, from 104,900 to 106,000.

Slide09

The Purchasing Manger’s Index (PMI) is a composite index derived from five indicators of economic activity: new orders, production, employment, supplier deliveries, and inventories. A PMI above 50 indicates the economy is expanding.

According to the most recent data released on Southeast Michigan’s Manager’s Index, the PMI for December 2015 was 54.8, an decrease of 2.3 point from the prior month. It was also a decrease of 9.4 from December of 2014.

Slide11

The Commodity Price Index, which is a weighted average of selected commodity prices, was recorded at 47.2 points in December 2015, which was 1.7 points higher than the previous month and 7 points lower than December 2014.

Slide13

The above charts show the Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area. The index includes the price for homes that have sold but does not include the price of new home construction, condos, or homes that have been remodeled.

According to the index, the average price of single-family dwellings sold in Metro Detroit was $103,770 in December 2015. This was an increase of $6,800 from December of 2014. Note also that there were continuing increases at the end of 2015.

 

Various measures of labor utilization show improvement in Michigan’s, Metro-Detroit’s economy

  • From August 2015 to September 2015, the unemployment rate across the state increased and in the city of Detroit (monthly);
  • The Purchasing Manager’s Index for Southeast Michigan decreased from October 2015 to November 2015 (monthly);
  • Commodity Price Index increased from October 2015 to November 2015 for Southeast Michigan (monthly);
  • Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area shows home prices are still slowly increasing.

Detroit Unemployment

According to the most recent data provided by the Michigan Department of Technology, Management, and Budget, the unemployment rate for the state of Michigan increased from 4.7 percent in September to 5 percent in October. Unemployment in the city of Detroit decreased from 12.7 percent in August to 11.5 percent in September.

Detroit unemployed, discouraged workers

 

Displayed above is an alternative measure of labor utilization in the state of Michigan at an annual basis. This measure of unemployment, which includes discouraged workers and marginally attached workers, shows that this too has been decreasing. This measure of labor utilization peaked in 2009 at 15 and by the third quarter of 2015 it decreased to 7.6. From 2009 to 2015 there has been a steady decrease.

Detroit's employed

 

From August to September, the number of people employed in the city of Detroit increased by 386, for a total of 214,192 people employed in the city in September. From March to September, the number of people employed in the city increased by 4,775. In the last year, the month of March had the lowest number of people employed in the city of Detroit.

Auto employment

The above chart shows the number of people employed in the auto manufacturing industry in the Detroit Metropolitan Statistical Area (MSA) (Detroit-Warren-Livonia) from August 2014 to August 2015. From August to September the number of people employed in this industry increased by 1,400, to a total of 106,700. This number is 11,300 more than the number of workers employed in the auto manufacturing industry in September of 2013.

Michigan PMI

The Purchasing Manger’s Index (PMI) is a composite index derived from five indicators of economic activity: new orders, production, employment, supplier deliveries, and inventories. A PMI above 50 indicates the economy is expanding.

According to the most recent data released on Southeast Michigan’s Purchasing Manager’s Index, the PMI for November 2015 was 57.1, a decrease of 1.3 of a point from the prior month. It was also an increase of .3 from November of 2014.

Michigan Commodity Price

The Commodity Price Index, which is a weighted average of selected commodity prices, was recorded at 45.5 points in November 2015, which was 1.7 points higher than the previous month and 16.3 points lower than November 2014.

Detroit Home Prices

The above charts show the Standard and Poor’s Case-Shiller Home Price Index for the Detroit Metropolitan Statistical Area. The index includes the price for homes that have sold but does not include the price of new home construction, condos, or homes that have been remodeled.

According to the index, the average price of single-family dwellings sold in Metro Detroit was $100,680 in September 2015. This was an increase of $5,610 from September of 2014 and an increase of $50 from August of 2015.