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Slow Recovery Continues In Metro Detroit Housing Market

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DETROIT (WWJ) – Another sign of an improving economy here in Southeast Michigan.

Farmington Hills-based RealComp reported Monday that home sales in Metro Detroit rose 7%  in January, compared to a year ago.

WWJ spoke with Senior Mortgage Loan Originator Marla Thomas who echoes the confidence in the upward trend in the real estate market.

“I’m busier now with purchases than I have been in six months,” said Thomas.

Thomas says that although more buyers are coming into the market there are still challenging issues with their overall credit scores.

The median sale prices for homes and condos in Wayne, Oakland, Macomb and Livingston counties rose by more than 5%, while the average number of days a home spent on the market decreased.

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