Milwaukee

It was largely a year of recovery for housing across our nation. Markets resolved to shed their excess weight, appeal to both existing homeowners and renters alike, and learn to play nicer with banks. Hey, three for three isn't too bad. But there's more work to be done. Here's how the final month of 2012 finished up.

New Listings in the Milwaukee region decreased 13.5 percent to 960. Pending Sales were down 15.9 percent to 673. Inventory levels shrank 19.7 percent to 6,897 units.

Prices were fairly stable. The Median Sales Price decreased 0.8 percent to $160,000. Days on Market was down 16.4 percent to 100 days. Absorption rates improved as Months Supply of Inventory was down 35.5 percent to 5.6 months.

Economic growth is on an upward trend and several prominent housing indices continue to showcase market turnaround. Momentum is on our side, though it won't necessarily be fast, consistent or universal. But after five or six challenging years, it's a welcomed change of pace. Plenty of opportunity lies ahead. Here's to a healthy and prosperous year!

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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