SWM Home Sales Continue To Be Strong

homesalesmesales2-18
homesalesmesales2-18

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.