Inventory Slows Home Sales

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The latest housing numbers are out from the Southwest Michigan Association of Realtors, and they show the regional market slightly sluggish in February. The association’s Alan Jeffries tells WSJM News the number of units sold in February was down by three from February of 2017.

“We’re running a little slow as far as sales go, but the average prices are definitely up,” Jeffries said. “I believe we’re up about 17% in total market value as of right now.”

The reason for the increasing prices and the reason for the slowing sales is the same. Jeffries tells us it’s the low inventory. With new home construction continuing to be slow, realtors in southwest Michigan saw inventory drop by 13% in February alone. Jeffries tells us it is a great time to sell for that very reason.