Although lower-priced Grand Rapids bank owned homes for sale made up half of total home sales in the area in June, sales prices still increased for homes sold during the month. The average house price climbed up by three percent to $117,061 in June, compared to the average price in June last year.
The June increase marked the seventh consecutive time house prices increased in Grand Rapids on a year-over-year basis. Additionally, the average sales price for the six-month period ended June also increased compared to the average price during the same period last year, based on sales figures from the Grand Rapids Association of Realtors.
Local housing analysts said that the usual reduction impact of Grand Rapids bank owned homes for sale on average house prices was not as strong as last year because of the substantial jump in the share of homes sold at prices between $250,000 and $500,000. There were several homes priced higher than $600,000 in June, according to local realtors.
While the rise in home prices was encouraging, the decrease in sales volume was discouraging, as total home sales dropped by 27 percent compared to total sales in June 2009 and fell by 8 percent from total sales in 2008. Some realtors pointed to the expiration of the federal tax credit scheme as among the reasons for the decline in sales.
Meanwhile, bank owned foreclosures in Michigan dropped in number in June to 6,046 units, down by 32.47 percent from a little over 8,000 in May. They comprised 35.32 percent of total foreclosure filings in the state in June. Despite the decline in foreclosure activity in the state over the month, Michigan was still sixth among states in foreclosure rate. Michigan’s unemployment rate was still high despite substantial gains in jobs in June.
In the six-month period ended June, the total of Michigan homes that entered bank owned property listing reached nearly 39,000 units and a big percentage of these were Grand Rapids bank owned homes for sale.
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