The University of Michigan’s preliminary February index of consumer sentiment came in at a reading of 95.7 Friday, compared with a final January mark of 98.5 (which was a 13 year peak). Economists polled by Bloomberg had expected a slight decline to 98.0. While this was the index’s lowest level in three months, it still topped many of the monthly readings from 2016.
Meanwhile, in the five county area of Grand Traverse, Leelanau, Benzie, Antrim, and Kalkaska, single family home sales differed from 2016 to 2017. The total number of sales dropped from 186 in 2016, to 171 in 2017. There might be a reason for the decline in sales. Although fewer homes were sold in 2017, the average price of the homes sold increased from $201,769 in 2016, to $225,114 in 2017.