Milwaukee

The S&P/Case-Shiller Home Price Index recently showed that home prices in 20 major metropolitan areas had increased at the strongest pace since the bubble years. At long last, major national indices are telling the story that local MLS data users have known for months or even years. Yes, the housing market is recovering. The recovery varies by geography and market segment, but things are certainly better than they have been and are showing no signs of letting up.

New Listings in the Milwaukee region increased 5.6 percent to 2,597. Pending Sales were down 24.8 percent to 1,213. Inventory levels shrank 16.2 percent to 7,966 units.

Prices turned higher. The Median Sales Price increased 12.0 percent to $170,000. Days on Market was down 11.7 percent to 103 days. Absorption rates improved as Months Supply of Inventory was down 24.6 percent to 6.4 months.

The prickliest thorns in our collective side are still lack of inventory and subdued listing activity. In some neighborhoods, consumers have 50 or 60 percent fewer options from which to choose than they did a few years ago. That's causing bidding wars in popular areas. Despite the competitive landscape for buyers, housing remains one of the brightest lights in an otherwise subdued economic recovery.

All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link: http://www.metromls.com/support/Market_Updates/index.html or visit www.metromls.com.

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