Southwest Michigan home sales were up in March, although prices were lower. The Southwestern Michigan Association of Realtors says the average price in March of 2022 was down 3% from February, suggesting the prices may be settling down. The average selling price in March was $313,000, compared to $324,000 the month before. However, overall sales were up in March over February by 45%. Inventory continued to drop, down to a 2.2 month supply of homes, a drop of 20% from a year earlier. The number of bank-owned or foreclosed homes as a percentage of all transactions was 2%, down from 3% in February. The highest that number has ever been was in 2009, when around 60% of the homes sold were foreclosures.
