“A step backward” for July home sales is how the Southwestern Michigan Association of Realtors is presenting the numbers for the month. The number of homes sold fell from 390 in July 2018 to 317 this year, a 19% drop, and were also down 14% compared to June. Prices, though, are still rising. The median price in July hit $200,000, a sharp 21% increase from the $165,750 from last year. The median price is the price at which 50% of the homes sold were above that price, and 50% were below. The inventory of houses for sale dropped 3% below that in July 2018. At 1840 houses, the market had a 7.4-months supply of homes for sale. In July 2010, the market had an 18.1-month supply.
