“At the beginning of the fall selling season, sales only dropped 5 percent from the end of September (289 vs. 304). Selling prices continued to climb year-over-year in October for the last 6 years,” stated Luke Jeffries, Association Executive, Southwestern Michigan Association of REALTORS ® , Inc.
Jeffries continued, “The number of houses sold in October increased 8 percent (21 houses) from October 2024 (289 vs. 268). Year-to-date, sales have increased 4 percent (2456 vs. 2366).”
The inventory of houses for sale remained within five houses of the previous year's level from October 2024 to October 2025 (958 vs. 953). This slight change reduced the supply level to 5.7 from 5.9-months at the end of September. For comparison, in October 2010, there were 3385 houses for sale for 16.6-months supply of houses for homebuyers.
The average selling price in October 2025 rose 14 percent to $452,669 from $398,212 in October 2024. Year-to-date, in 2025, the average selling price grew 14 percent to $428,367 from $374,904.The median selling price in October 2025, $297,500, increased 7 percent from $279,000 in October 2024. Year-to-date, the median selling price increased by 8 percent ($298,000 vs. $275,000).
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
The Freddie Mac mortgage rate in October fell to 6.17, up from 6.30 in September for a 30-year conventional mortgage. A year ago, the rate was 6.72.
The total dollar volume in October 2025 increased 22 percent compared to October 2024. ($131,274,298 vs. $107,559,652). The year-to-date total dollar volume in 2025 grew 19 percent ($1,052,499,949 vs. $887,517,986).
The number of bank-owned or foreclosed homes as a percentage of all transactions rose to 2 percent from 1 percent in September. There were six houses included. The previous lowest percentage was 1 percent in October 2022, and the highest percentage in October was 34 percent in October 2009.
Nationally:
Existing-home sales increased by 1.2% in October, according to the National Association of REALTORS ® Existing-Home Sales Report. The Report provides the real estate ecosystem, including agents and homebuyers, and sellers, with data on the level of home sales, price, and inventory.
Month-over-month sales increased in the Midwest and South, showed no change in the Northeast, and fell in the West. Year-over-year sales rose in the Northeast, Midwest, and South, and decreased in the West.
“Home sales increased in October even with the government shutdown due to homebuyers taking advantage of lower mortgage rates,” said NAR Chief Economist Lawrence Yun. “First-time homebuyers are facing headwinds in the Northeast due to a lack of supply and in the West because of high home prices. First-time buyers fared better in the Midwest because of the plentiful supply of affordable houses and in the South because there is sufficient inventory.”
“Rents are decelerating, which will reduce inflation and encourage the Federal Reserve to continue cutting rates and pulling back their quantitative tightening,” Yun added. “This will help bring more homebuyers into the market since the Fed rate has an indirect impact on mortgage rates.”
Total existing-home sales, which were completed transactions that include single-family homes, town homes, condominiums, and co-ops, increased 1.2% in total sales month-over-month to a seasonally adjusted annual rate of 4.10 million in October. To date, the year-over-year sales have increased 1.7%.
The median existing-home price for all housing types in October was $415,200, up 2.1% from one year ago ($406,800) – the 28th consecutive month of year-over-year price increases.
In the Midwest, existing-home sales increased 5.3% month-over-month to an annual rate of 990,000, up 2.1% year-over-year. The median price in the Midwest was $319,500, up 4.6% from October 2024.
First-time buyers were responsible for 32% of sales in October, up from 30% in July and 27% in October 2024.
Individual investors or second-home buyers, who make up many cash sales, purchased 16% of homes in October, up from 15% last month and down from 17% in October 2024.
Cash sales accounted for 29% of transactions in October, down from 30% a month ago and up from 27% in October 2024.
The total housing inventory registered at the end of October was 1.52 million units, down 0.7% from September and up 10.9% from October 2024 (1.37 million). Unsold inventory sits at a 4.4-month supply, down from 4.5 months in September and up from 4.1 months in October 2024.
