At this historical moment of acute industry transformation, there are billions of dollars in capital parked against the wall, skates on, patiently waiting for just the right market song to dance pairs to. Job growth figures already strummed an uplifting tune for November skaters. With interest rates maintaining at record lows and the 2010 tax credit now yesterday's fashion, let's look at what’s happening in our local rink, er, market.
The 539 Pending Sales in the Milwaukee region decreased 41.2 percent since last November. New Listings decreased 1.1 percent to 1,457 and the 11,138 active listings increased 1.5 percent. Months Supply of Inventory—which should ideally fall between five and six—increased 13.9 percent to 11.4 months.
Prices gained some ground last month. Median Sales Price increased 1.6 percent versus last November, checking in at $167,625. Market times increased 2.9 percent and are now at 110 days.
The national housing market continued to stabilize on the heels of some of the most positive economic news since the Great Recession began in December 2007. As foreclosures continue to unlace and exit the arena, the increased share of traditional sales coupled with greater consumer purchasing power should lift home prices and foster a balanced marketplace.
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