SWM Home Sales Continue To Be Strong

Home sales around southwest Michigan continued to smash records in the month of October. The Southwest Michigan Association of Realtors tells WSJM News October was the tenth month in a row sales were up over the same month in the previous year. The number of houses sold in October 2017 increased 9%, while overall for the year, the number of houses sold is up  5%. Meanwhile, inventory around the region dropped 12% from October of 2016. The average selling price for October of this year was up 18% over October of 2016. Despite the average mortgage rate being slightly up — 4.1% from 3.9% percent in September — the market has remained robust. The Southwest Michigan Association of Realtors tells us a warm fall and dwindling inventory may have kept buyers motivated throughout the month.