The southwest Michigan real estate market is adjusting as prices and the decrease of available houses slow down. The Southwestern Michigan Association of Realtors says in July, for the second consecutive month, there was little or no growth in the number of houses for sale. However, inventory of houses for sale has slowed the free-fall of available listings to a 2% decrease from 2021. There’s now a 3.9-month supply of inventory available for buyers, up from the 3.6-month supply in June of last year. The number of homes sold in July fell to 322 from 388 in July the previous year, a 17% drop. The average selling price fell 8% from July of 2021 to $324,000 from $351,000. For July, foreclosed homes were 1% of the homes sold in the region, the same as in June, May, and April. The highest number ever for the month was set in 2009 at 35%.
