Existing Home Sales Down, Prices Up Sharply

The housing market in southwest Michigan is cooling off a bit, but it’s still red-hot for sellers because there still aren’t many homes on the market. Those that do go up are getting multiple offers within hours of being listed in some instances. The Southwestern Michigan Association of Realtors says average selling prices jumped 20% from April to May and the median price shot up 44%. Sales numbers, however, are down 6% for the year compared to 2017 due to low inventory. The median price for May was just under $155,000, while the average price now stands at nearly $257,000. The local mortgage rate is also up, rising from 4.6% in April to 4.75% in May.