Milwaukee

You may have noticed some "noise" lately about where the market is heading. Some accounts are optimistic while others, well, aren't. The good news is that local data provides a more reliable tone than national sound bites can offer. When it comes to hearing the market's true message, it may not necessarily be from the expected indicators, it may not be heard evenly across all segments and it may arrive in disjointed bursts. Let's listen.

The rate of inventory absorption in the Milwaukee region slowed as Months Supply of Inventory was up 37.9 percent to 14.0 months. New Listings increased 2.5 percent to 2,564. Pending Sales were down 7.4 percent to 939. Inventory levels remained flat 0.0 percent to 12,022 units.

Prices lost some ground. The Median Sales Price declined 6.3 percent to $178,000. Days on Market increased 5.1 percent to 107 days. Affordability also improved.

On the national front, the interest rate dropped to 4.79 percent on a 30-year fixed conventional and 4.44 percent for FHA. The unemployment rate has been stable around 9.0 percent and initial unemployment claims have continued to fall. Wages and payroll jobs are also improving slowly. Debt ceiling negotiations and other background noises persist, while prolonged job growth is still the missing verse in the recovery song.

You can follow this link: http://www.metromls.com/support/Market_Updates/index.html or visit www.metromls.com and select MLS Statistics under the MLS Admin menu. You will find other reports and statistics which may be of use to you in your business.

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