After a burst of steam in March, the housing market in southwest Michigan chilled in April, with sales and selling prices falling behind last year. The Southwestern Michigan Association of Realtors says the number of homes sold in April in the region was down 26% from the same month last year. The average selling price was also down, at $324,000, compared to $364,000 last year, or an 11% decline. Inventory is slightly up bringing the inventory of houses for sale up to 3.3-month supply. It was 2.5 months in April last year. The number of bank-owned or foreclosed homes as a percentage of all transactions stayed at 3% in April, the same as in March. The National Association of Realtors says home sales have been bouncing back and forth because of a combination of job gains, limited inventory, and fluctuating mortgage rates over the last several months.
