Existing home sales are continuing their frantic pace that the Southwestern Michigan Association of Realtors says started in June. The number of homes sold has set a new record for August at 455, easily beating the 2017 record of 418 and up by 15% from last year. Homebuyers are still struggling to snag something as the inventory of homes for sale continues to shrink. It’s down 31% over the past year and stands at a 5.9 month supply with 1,285 homes. The average, median, and year-to-date selling prices continued their astonishing climb becoming the new record prices. The average sales price for the area is just over $324,000, up 35% from last August’s nearly $240,000.
Full story at: https://www.wsjm.com/2020/09/25/area-home-sales-in-august-set-price-records/