Combined with reliable sales volumes, fewer active listings have translated into competing bids on existing inventory and modest price gains in select neighborhoods. Informed sellers have noticed some homes selling quicker and for closer to asking price. Home searches are turning up far fewer results than in recent years. National headlines mask regional variability. With fewer distressed properties selling, prices will start "melting up" due to less downward pressure. May had a few loose shingles but solid bones.
New Listings in the Milwaukee region decreased 7.2 percent to 2,409. Pending Sales were down 7.4 percent to 1,107. Inventory levels shrank 13.2 percent to 10,065 units.
Prices remained under pressure. The Median Sales Price decreased 3.5 percent to $163,500. Days on Market was down 2.5 percent to 109 days. The supply-demand balance stabilized as Months Supply of Inventory was down 31.0 percent to 9.2 months.
In economic news, May's jobs report was disappointing, and there's a growing concern about the pace of domestic growth. Last month was also unsettling for investors, prompting some to hunt for better returns in the housing market. This forces other consumers up the price ladder. In politics, the Senate approved a 60-day National Flood Insurance Program extension. But with campaign season upon us, major housing-related bills or policy shifts are unlikely.
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