SWM Housing Market Rebounds In June

The real estate market in southwest Michigan was substantially up in June when compared to May. The Southwestern Michigan Association of Realtors tells us sales were up 124% for the month. That’s after home sales slowed during May due to the pandemic shutdown, with only 142 houses sold the whole time. That number was back up to 318 for June, which is 13% less than June of 2019. Year to date, the number of houses sold in the region is down 24% so far. The association also notes “sky-rocketing average and median sales prices that shattered all selling prices in any month in any year going back to 2006.” The average selling price for June was $300,000, 14% higher than June of 2019. The median selling price of $235,000 was up 26% over June of the previous year. The surge in June’s activity caused the number of bank-owned or foreclosed homes as a percentage of all transactions to drop to 1% in June, the lowest percentage reached since 2009.