Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list.
New Listings in the Milwaukee region increased 4.7 percent to 2,081. Pending Sales were down 23.0 percent to 949. Inventory levels rose 3.6 percent to 8,464 units.
Prices continued to gain traction. The Median Sales Price increased 4.7 percent to $178,000. Days on Market was up 1.2 percent to 78 days. Buyers felt empowered as Months Supply of Inventory was up 9.0 percent to 6.5 months.
The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it's growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists.
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