Home sales in southwest Michigan during July were up, and so were the selling prices. The Southwestern Michigan Association of Realtors says pent-up demand was unleashed as the number of homes sold went up by 51% from June. They were up 51% from July of last year as well. The average selling price was up 12% from June at $337,000. That’s also a 34% increase from July of 2019. The median price was down by 2% from June, but up 15% from July of last year. The association also notes inventory is limited with 1,399 homes for sale at the end of July versus more than 1,800 in July of 2019. July’s sales boost caused the number of bank-owned or foreclosed homes as a percentage of all transactions to remain at 1% for the month, the same as in June. That’s the lowest percentage since 2009.
