Average and median home sale prices are up in southwest Michigan for May. The Southwestern Michigan Association of Realtors says the average selling price was $401,016 for the month, up 19% from $336,015 last May. The median price was $280,500, a 12% increase from last May’s $250,000. Sales for the month fell for the fifth straight month compared to last year with 256 homes sold compared to 313 in 2022. Year to date, home sales are down 17% at 995. There was a 3.9 month supply of homes on the market in May compared to a 3.1 month supply in 2022. The number of bank-owned or foreclosed homes as a percentage of all transactions decreased to 2% from 3% in April. The previous lowest percentage was 1% in May 2022 and 2021, and the highest percentage in May was 34% in 2009.
