Metro Detroit’s housing market is surging into spring

Thanks to low mortgage rates, the increasing availability of financing to working people, and a recovering economy, “metro Detroit’s housing market is set to turn a corner this spring and become hotter for buyers and sellers,” writes J.C. Reindl in the Detroit Free Press.
 
While values in some Detroit suburbs are still down as much as 20 percent from their peak values in the mid-2000s, Reindl reports that “some neighborhoods [are] seeing yearly gains of 10 percent or more, due in part to a thin supply of move-in-ready houses.”
 
Oakland County is seeing the most significant rise in home sales, which are up by 17 percent countywide since the same time last year. Wayne County has experienced a 13 percent increase in median sales price since last year.
 
Read more about the state of metro Detroit’s housing market in the Detroit Free Press.