Cold weather and heavy snow in February helped leave buyers on the sidelines in the Milwaukee region during February. There were 675 purchase agreements signed during the month, a decrease of 15.5 percent from a year ago.
Home prices have shown early signs of stabilizing, but remain relatively soft. The February median sales price of $165,000 was a decrease from a year ago of 1.8 percent.
Soft prices have combined with extremely low mortgage rates to create an attractive environment for buyers. The Housing Affordability Index in February of 166 is an improvement of 5.1 percent from a year ago, and is up dramatically from the low point seen a few years back. This indicates favorable conditions for home buying.
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