Housing market slowPublished 5:29pm Sunday, November 27, 2011
ST. JOSEPH — The local housing market has kept pace and slightly below the market from a year ago, according to Gary Walter, of the Southwestern Michigan Association of Realtors Inc.
“Last year at the end of October, the average selling price was 2 percent higher and the median selling price was 4 percent higher than this year,’” Walter said. “While we are seeing typical monthly changes, the year-to-date numbers are suggesting that the market is stabilizing and, hopefully, providing more sustainable
conditions. The mortgage rates may have been a factor in that rates reported in October have dropped from 5.22 in 2009 to 4.47 in 2010 to 4.23 this year,” he said.
Walter reported 20 more homes were sold in October last year in comparison to this past October, resulting in a 9 percent decrease in sales for the month.
“The average selling price in October was $148,297 versus $170,512 last year. The median selling price fell to $109,900 versus $127,000 a year ago. With fewer houses selling and at lower selling prices the total dollar volume fell by 21 percent,” Walter said.
Nationally, existing-home sales improved in October while the number of homes on the market continued to decline, according to the National Association of Realtors total existing-home sales rose 1.4 percent to a seasonally adjusted annual rate of 4.97 million in October from a downwardly revised 4.90 million in September, and are 13.5 percent above the 4.38 million unit level in October 2010.