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Posted: Tuesday, 24 June 2014 12:10PM

Existing Home Sales Down, Prices Up In May



Existing home sales in southwest Michigan are continuing to lag behind last year's pace. The Southwestern Michigan Association of Realtors reports that sales in May were down 15% from a year ago, with 268 homes sold last month. The number of homes sold for the year is down by 7% from 2013. While the volume is down, the prices are going higher. The average selling price in May jumped 20% from last year to just over $203,000. Median prices are up 12% to $145,450. Another positive sign is that the number of bank-owned or foreclosed homes as a part of all closed transactions in May dropped to 11%, the lowest percentage since 2009. In April, the percentage was 23%.

   

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