Southwest Michigan Home Sales Slow Down In May

Southwest Michigan’s housing market slowed down a little during the month of May. After April saw a record-setting number of homes sold in the region, May saw sales slip about 4% from the previous year. However, prices continued to rise and the total dollar volume from homes moved was also up. The number of homes sold in southwest Michigan during the month of May this year was down to 341 from 357 last May. However, the average selling price from May of last year was up 8%, while dollar volume was up 3%. The Southwest Michigan Association of Realtors tells WSJM News a good sign is that the percentage of foreclosed homes continued to trend down in May. Only 6% of the homes sold during the month were bank-owned.