Whether you believe it or not, the volatile winter wather may have had an affect on the housing market. The Southwestern Michigan Association of REALTORS report February home sales dropped 14% from a year ago, while the average selling price increased 22%. Gary Walter with the REALTORS says the overall housing inventory is not catching up with demand. Last month the overall inventory fell to 8.2-months supply of homes for sale. He says that number has dropped steadily since February of 2010. Another stat to note had to do with bank-owned or foreclosed homes, those transactions dropped 13% from January to February of this year.
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