The Southwestern Michigan Association of Realtors says home sales in the region dropped 19% from a year ago in July while the selling prices increased and set records when compared to previous years. The group continues to see low inventory and high demand for homes. Overall for the year so far, the number of houses sold at the end of July was up 22% over July of 2020, notching a new sales record in the year-over-year sales records since 2006. Selling prices continued to set new record levels each month in 2021. The average selling price in July of this year was $351,000 compared to $337,000 in July of 2020, for a 4% increase. The number of bank-owned, or foreclosed, homes as a percentage of all transactions stayed at 1% in July, which it was in June and May. The inventory of houses for sale dropped 37% from a year ago, bringing the inventory of houses for sale to a 3.1 month supply of inventory available for buyers. That is the highest inventory level this year, but still low.
