Home sales in southwest Michigan dropped a bit during August. The Southwestern Michigan Association of Realtors tells us in August the number of houses sold dropped 7% from August of 2017. Also, the average and median selling prices once again increased. This time, the average leaped 21% and the median price went up 7%. The association tells us the August 2018 average and median selling prices and total dollar volume, along with the year-to-date prices and volume, set the highest records since 2006 in the year-over-year comparison. That average selling price in August was more than $238,000. Inventory of houses for sale decreased 4% from a year ago, meaning the availability of homes remains a concern. Meanwhile, the percentage of sales that were foreclosures went up in August to 6% from July’s 4%.
