Home prices hit record highs in October in Southwest Michigan.

October was the tenth consecutive month with sales falling behind the numbers for the same month in 2022.

The Southwester Michigan Association of Realtors tells WSJM that a likely factor in the declining sales are the inflated prices.

The association reports the average selling price last month went up a percent to 392 thousand, compared to 386 thousand dollars in October of last year.

The median selling price last month in Southwest Michigan was 274 thousand dollars, an increase of 6 percent compared to October of last year.

The housing inventory in the area is now at a 4 point 9 month supply.