What can we say that we haven't said before? Newspapers warn of possible foreclosure moratoria, job growth is just barely in the black ink and the midterm election cycle brought new leadership to Washington, DC. Buyers are still armed with access to cheap loans and strong negotiating power. Recovery continues to crawl forward nationally; let's take a look at what's happening locally.
Pending Sales in the Milwaukee region decreased by 56.3 percent from last October to arrive at 549. New Listings decreased by 15.9 percent to land at 1,734 and the overall inventory of 11,712 increased by 1.6 percent.
Prices held their ground and even inched upwards. Median Sales Price increased by 4.1 percent, registering in at $176,000. Average Days on Market, at 114, increased by 14.3 percent versus last year.
Private companies added jobs for the first time since May but not enough to lower the stubbornly high 9.6 percent unemployment rate. Our recovery is moving at a sloth's pace, but at least it's moving forward. A stronger labor market will drive new household formations and instill the confidence needed for current homeowners to move up and for renters to consider ownership.
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