Southwest Michigan home sales remain strong with May’s numbers topping May of the previous year and April of this year. The Southwestern Michigan Association of Realtors says May home sales were up over April by 22%, and up 10% over May of last year. The average selling price for the month was also up 3% over May of 2018. The association says inventory remains relatively low with a six and a half month supply of homes on the market. It also notes the mortgage rate in May decreased to 4.25% from 4.32% in April. One negative is the number of bank-owned, or foreclosed, homes as a percentage of all transactions for the month. It rose to 6% from 3% in April.
