The area’s housing market continues to show signs of strength. The latest numbers for October are out from the Southwestern Michigan Association of Realtors, showing a 6% rise in sales over a year ago with 345 homes sold compared to 324. The average selling price was up 7% from last year to $262,720, while the median price was up 11% to $190,000. Association executive Alan Jeffries says inventory remains tight, down 4% year-over-year to 1,675 homes on the market, which is a 6.7 month supply. The number of bank-owned or foreclosed homes as a percentage of all transactions also set a new record low at 2% in October, marking the seventh straight month it’s been under 6%. For comparison during the recession, the highest percentage in October was 34% in 2009.
