Area Housing Market Frustrating Buyers

southwestmichiganassociationofrealtors

There is plenty of frustration building for people trying to buy a home in southwest Michigan, with historically low inventory and lots of competition for fewer houses. According to the Southwestern Michigan Association of Realtors, April’s median sales price was down from last year by 8%, while the average price was nearly even. Year-to-date, median and average prices are up 10% and 7%, respectively. The number of bank-owned or foreclosed homes rose slightly to 8% of all transactions in April compared to 7% in March. Local mortgage rates also increased from 4.577% to 4.602% compared to last year. The national mortgage rate on a 30-year fixed conventional loan was 4.58%.