Strong demand for a limited supply of homes for sale has seemingly outweighed higher mortgage rates, at least for the time being. The idea that mortgage rates may rise further is likely spurring some of this demand. The dream of homeownership is very much intact, but buyers should be prepared with competitive offers, since every measure of market health is pointing upwards.
New Listings in the Milwaukee region increased 8.5 percent to 2,210. Pending Sales were down 18.4 percent to 1,161. Inventory levels shrank 7.7 percent to 8,373 units.
Prices got a lift. The Median Sales Price increased 2.0 percent to $182,500. Days on Market was down 17.5 percent to 81 days. Absorption rates improved as Months Supply of Inventory was down 15.4 percent to 6.4 months.
Eyes continue to fixate on the Federal Reserve and its policy inclinations related to stimulus tapering. Labor market growth is positive but still tepid. Things like gas prices, stock market shifts and global economics have a tendency to sway consumer sentiment. At the moment, U.S. housing continues to be a bright spot.
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