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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