Economic Indicators: Housing Prices $30K Higher Since 2014

In April of 2019 the unemployment rate for the State of Michigan was 3.7, a decrease from the March unemployment rate of 4.4, according to the most recent data provided by the Michigan Department of  Technology, Management and Budget. The State unemployment rate for April of 2018 was 0.2 points higher than what it was in December of 2019 (3.7).

The Detroit rate was 0.8 points lower in April of 2019 from the previous month. Also, the April 2019 unemployment rate for Detroit was the same as it was during the same time the previous year ( unemployment rate was 8 both years).

The chart above displays the unemployment rates for each of the seven counties in Southeastern Michigan for April of 2018 and 2019. In April of 2019 Wayne County and St. Clair County both had the highest unemployment rates at 4.6. Washtenaw County had the lowest unemployment rate at 2.6. Washtenaw County was also the only county in the region to have a lower unemployment rate in April 2019 than in April 2018. Macomb and St. Clair counties had the highest difference in their unemployment rates between April 2018 and 2018; in that time frame the rates increased by 0.5. The unemployment rate for Wayne County increased by 0.4.

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 $123,370 in February 2019; this was $180 higher than the average family dwelling price in January. The February 2019 price was an increase of $5,710 from February of 2018 and an increase of $12,340 from February of 2017, an increase of $19,940 from February of 2016 and increase of  $26,490 from February of 2015 and, finally, an increase of 
$29,270 from February of 2014.

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