SWM Housing Prices Still Going Up

The area housing market remains strong. The latest report from the Southwestern Michigan Association of Realtors shows prices are still going up and the year-to-date total dollar volume through October is the highest since 2006, right before the market collapsed. The number of homes sold in October fell from 354 to 324 compared to last year, an 8% decline. Year-to-date, the number of homes sold has fallen by 4%. The average selling price rose 3% from last year in October, while the median price was up 10% at $171,000. That’s the price at which 50% of the homes were above and 50% were below. The inventory is also shrinking, down 5% from last year with 1,737 houses on the market.