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SW Michigan home sales up 8 percent this year

Published 7:39pm Friday, July 23, 2010

The number of houses in southwest Michigan sold and closed dropped 10 percent (225 versus 251) in June this year compared to June 2009. Year-to-date, the number of houses sold was up 8 percent.

The total dollar volume for June slipped 11 percent below the June 2009 figure ($37.2 million versus $41.96 million).  Year-to-date dollar volume was up 12 percent. The average selling price dipped 1 percent below last year at $165, 181 versus $167,156. The higher sales in February through April this year kept the year-to-date average selling price up 5 percent ($141,757 versus $136,402).  The median selling price increased 5 percent in the June ($115,000 versus 109,950).  The year-to-date median price was up 14 percent over that in 2009.  The median price is the price at which 50 percent of the homes sold were above that price and 50 percent were below.

Nationally, existing-home sales slowed in June but remained above year-ago levels, according to the National Association of Realtors.

“June started our peak selling period with a 10 percent increase in houses sold and closed over May,” said Gary Walter, EVP, of the Southwestern Michigan Association of Realtors Inc. “However like May, June closed sales did not carry the surge that we had experienced from February until April that was a result of the Stimulus Tax Credit.  June closed sales were 10 percent lower than in June of 2009.”

The national median existing-home price for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago. Distressed homes were at 32 percent of sales last month, compared with 31 percent in May; it was also 31 percent in June 2009.

Regionally, existing-home sales in the Midwest dropped 7.5 percent in June to a pace of 1.23 million but are 11.8 percent higher than a year ago. The median price in the Midwest was $155,900, down 0.1 percent from June 2009.

The numbers reported for local sales include residential property in Berrien, and the western half of Van Buren and Cass counties. All three counties are included in numbers and percentages and do not reflect differences in any individual areas.

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