SWM Home Sales Down In February, Prices Up

Home sales in southwest Michigan were down in February, although prices were up. The Southwestern Michigan Association of Realtors says the number of houses sold in February of this year dropped to 181 from 235 in February of 2019 for a 23% decrease. However, the average selling price was up 12% over the same period. Meanwhile, the median price soared 30%. With fewer houses sold, the total dollar volume, even with higher selling prices, was down 14% in February. The association says housing inventory was down 2% from February of 2019, while the percentage of sold homes that were foreclosures remained the same as January at 7% overall.