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Average home prices in Ann Arbor now over $680,000

A for sale sign is posted on a home last month in Philadelphia.
Matt Rourke
A for sale sign is posted on a home.

The average single family home price in Ann Arbor skyrocketed to over $680,000 last month.

The home price data is reported every month by the Ann Arbor Area Board of Realtors. Their records now show the average home price in April went up 11% in Ann Arbor from year-ago figures.

Other home prices in Washtenaw County, like in Dexter, Manchester and Ypsilanti, dropped last month. But the Board of Realtors president, Don Wurtzel, says Ann Arbor faces a unique set of circumstances in reigning in home prices.

The city, he says, remains somewhat in its own bubble.

"The university and just Ann Arbor, what it is makes it so strong and just creates that bubble around it."

Wurtzel says, in general, it is fewer people selling homes and a resulting lack of inventory that is driving the higher home prices.

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Cathy Shafran was WEMU's afternoon news anchor and local host during WEMU's broadcast of NPR's All Things Considered.
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