Milwaukee

Some have noted a slight pause in the housing recovery this year. The American Dream of homeownership is alive and well, but it must still contend with market fluctuations. Buyers need homes for sale if they're expected to buy said homes. They also need reliable financing, better jobs and stronger wage growth. The opportunities are out there. Now we need people to take advantage of them.

New Listings in the Milwaukee region increased 1.1 percent to 2,747. Pending Sales were down 36.8 percent to 1,161. Inventory levels grew 10.3 percent to 8,623 units.

Prices were fairly stable. The Median Sales Price increased 0.6 percent to $176,000. Days on Market was down 1.8 percent to 85 days. Absorption rates slowed as Months Supply of Inventory was up 15.6 percent to 6.9 months.

We've had a mixed bag of economic news lately. As expected, national GDP contracted slightly during Q1-2014, which most economists attribute to impermanent factors like the harsh winter. We've now had more than four straight years of monthly private sector job growth. It hasn't been extraordinary growth, but it sure beats mass layoffs. Buoyed by an improving sales mix, home prices continue their ascent despite erratic demand indicators. More inventory, more high-skilled job growth, and less economic and political uncertainty are still top priorities.

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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