The final month of year-over-year comparison to last year's tax incentive market is upon us. It bears repeating that April 2010 enjoyed uniquely strong activity due to the approaching credit deadline. Let's see how this pivotal month played out locally.
New Listings in the Milwaukee region decreased 12.7 percent to 2,547. Pending Sales were down 49.6 percent to 863. Inventory levels shrank 3.9 percent to 11,345 units – a positive trend that should preserve market balance.
Prices were still soft. The Median Sales Price declined 5.4 percent to $156,000. Days on Market increased 9.3 percent to 115 days. Supply grew relative to demand as Months Supply of Inventory was up 23.5 percent to 12.6 months.
Nationally, the interest rate is 5.0 percent on a 30-year fixed conventional and the unemployment rate edged up to 9.0 percent in April, even as the economy added 244,000 jobs. Job seekers showed more confidence, a potential indicator of future housing demand. Moving forward, expect a different story to unfold in our market. We'll soon be comparing current activity to a post-credit slump that occurred during the summer and fall of 2010.
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