Sales of existing homes in July slipped by 7% compared to June in southwest Michigan. The monthly dollar volume also slipped by the same percentage according to the latest report from the Southwestern Michigan Association of Realtors. Executive vice president Gary Walter notes the local market historically declines in July every year, but sales were also down by 8% compared to the same month in 2013. Year-to-date, the number of homes sold in Berrien, Cass and Van Buren counties has slipped by 5% through the end of July. Walter says there is a silver lining in that the average selling price is holding steady at a little over $200,000. Another highlight is the number of bank-owned or foreclosed homes as part of all closed transactions remains at its lowest percentages since 2009 over the past three months.
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