SW Michigan Housing Remarket Remains Difficult For Buyers

swmirealtors-30
swmirealtors-30

Selling prices continue to keep setting records for the area’s home market. The Southwestern Michigan Association of Realtors says there was a 49% drop in the number homes for sale at the end of June, but the month had the highest year-over-year selling price rise since at least 2006. The average sales price was up 10% from 2020 at $330,887 and the median price was up 2% from last year to $240,000. The number of homes on the market fell from 1,500 to 812, which is a 2.8 month supply, marking the first time this year to be above 2.5 months. For comparison, last June there was a 6.7 months supply of available homes. The amount of bank-owned of foreclosed homes sold remained at 1%, the same as May.