Home Sales In Southwest Michigan Dip In September

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Home sales in southwest Michigan dropped in September from September of 2020. The Southwestern Michigan Association of Realtors says the sales were down 23% from the same month a year before, marking three months in a row that sales declined. The number of homes sold, 398, was up slightly from August, when 388 sold. After selling prices in August declined slightly for the first time in 2021, selling prices in September were up slightly. The average selling price in September of this year was $324,000 compared to $316,000 in September of 2020, for a 2% increase. Meanwhile, the association says the inventory of houses for sale fell 20% from a year ago, bringing the inventory of houses for sale to a 3.4 month supply. For comparison, in September of 2009, there was a 17.3 month supply of inventory. Of the homes sold in September, 3% were bank owned, or foreclosed. The previous lowest percentage in September was 1% in 2020. The highest percentage in September was 37% in 2009.