Existing Home Sales Surge In July In SWMI

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swmirealtors-8

Sales of existing homes in July surged 18% over last year according to the Southwestern Michigan Association of Realtors. Average and median sales prices were nearly unchanged. The inventory of houses for sale rose slightly from a 5.9 month supply in June to a 6.29 month supply in July. Year-to-date, the total dollar volume of homes sold is up 5%, while that volume was higher by 20% compared to July 2017. The number of bank-owned or foreclosed homes as a percentage of all transactions in July dropped to 4%, which is a low for the year and even with the level last July and August. The highest percentage for the month was 35% in July 2009.