There's the numbers, then there’s the story behind them. For months, declining inventory has been the national tale to tell. This suggests a changing narrative with different voices. A buyer might tell you that record low mortgage rates and affordable prices made homeownership more attractive than renting. A seller may say that less competition allowed them to receive more of their asking price. The moral of the story? Real estate is local both in terms of geography and personal circumstance.
New Listings in the Milwaukee region decreased 7.3 percent to 1,627. Pending Sales were down 2.9 percent to 711. Inventory levels shrank 7.8 percent to 10,468 units, a trend that could indicate a changing landscape.
Prices gave back some ground. The Median Sales Price decreased 12.4 percent to $155,000. Days on Market decreased 5.6 percent to 109 days. Absorption rates improved as Months Supply of Inventory was down 4.8 percent to 11.1 months.
Recent reports from the broader economy have dispelled the story of a double-dip recession. An early reading of gross domestic product (GDP) showed 2.5 percent growth. Meanwhile, national job growth, a major driver of housing demand and price support, has recently strengthened. An increasingly impatient White House has rolled out phase two of the Home Affordable Refinance Program (HARP) for Fannie- and Freddie-backed mortgages. This should help a number of consumers as they write the next chapter.
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.
Any questions, please call the Help Desk at 414.778.5450.
Or e-mail email@example.com. You may also follow our updates at http://twitter.com/metromls.