Home sales in southwest Michigan continued to decline in November, staying below the sales level in November for the last twelve years.
The Southwest Michigan Association of Realtors says although sales were down, prices remained high.
November of 2023 home sales plummeted 26% from November of 2022.
For the year, sales have been down 16%. The average selling price in November of 2023 increased 3% to $341,000 compared to $331,000 in November of 2022. Year-to-date, at the end of November, the average selling price rose 6%.
The realtor’s association notes the market witnessed a drop in the Freddie Mac mortgage rate for a 30-year conventional mortgage, decreasing to 7.22 from 7.79 in October.
The inventory also remains low.
In November, the number of bank-owned or foreclosed homes as a percentage of all transactions increased to 2% from 1% in October. It was at 0% in November of 2022. The highest percentage in November previously was 36% in 2010.
