Do you hear that? Hummmmm. That's the delightful sound of normalcy. Buyers are buying, sellers are selling, lenders are lending and builders are building. Sure, this varies from region to region and even city to city within a region or state, but by and large, things are returning to normal. All major indices showcase fairly robust price recovery. Consumer confidence isn't what it could be, but it's sufficient for now.
New Listings in the Milwaukee region increased 16.4 percent to 1,975. Pending Sales were down 20.5 percent to 918. Inventory levels shrank 4.9 percent to 8,284 units.
Prices got a lift. The Median Sales Price increased 5.0 percent to $170,000. Days on Market was down 23.5 percent to 77 days. Absorption rates improved as Months Supply of Inventory was down 12.9 percent to 6.2 months.
There's some evidence that it's not just first-time home buyers fueling the recovery. Move-up buyers are also pulling their weight. Some baby-boomers are ready to look for less space, nudging Junior out of the basement. The pizza boxes and late-night video games get old, plus there's a fresh crop of buyers looking for a bigger space to raise their own little darlings.
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