Homes sales in southwest Michigan continue to cool off while prices rise and the inventory slowly recuperates. The Southwestern Michigan Association of Realtors says September home sales were down 15% from September of 2021, while the yearly overall sales are down 13%. The average price in September was $340,000, compared to $324,000 in September of 2021. The inventory, or homes available for sale, was down 3% from September of the previous year, although for the year overall, the inventory of houses for sale increased to a 4.1 month supply available for buyers. To compare to another year, there was a 17 month supply of inventory in September of 2010. For September, there was only one bank-owned, or foreclosed, home sold in the region. That represented 0% of the sales. Nationally, the Freddie Mac mortgage rate in September was 6.70, up from 5.50 in August for a 30-year mortgage. A year ago, the rate was 3.01.
