Milwaukee

This November, there was a lot to be thankful for. Home buyers were thankful for historically low mortgage rates and still-affordable prices. Sellers were thankful for increased sales, less competition and faster market times. Both parties can be thankful for the slow yet steady economic recovery. Challenges persist, to be sure, going into 2013, but there's more reason for optimism than pessimism. Here's the local scoop.

New Listings in the Milwaukee region decreased 4.6 percent to 1,319. Pending Sales were down 13.0 percent to 752. Inventory levels shrank 18.1 percent to 7,881 units.

Prices were even with last year.The Median Sales Price held steady at $160,000. Days on Market was down 10.8 percent to 100 days. Absorption rates improved as Months Supply of Inventory was down 34.5 percent to 6.4 months.

There are three primary avenues to housing recovery: better market fundamentals, improved market composition and more jobs. Many communities are enjoying better fundamentals, such as higher demand and less supply. But many areas are also experiencing a lower overall share of distressed sales activity. In the month ahead, continue to watch hiring and unemployment trends.

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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