The housing market is being predictable, and that's a good thing. At the
beginning of the year, it was anticipated that the prevailing trends of the past year would continue into and through 2016, and that has largely been the case. The number of homes for sale has generally remained lower compared to a year ago, and prices have been steadily rising in desirable communities where homes show well.
New Listings in the Milwaukee region decreased 9.7 percent to 2,540. Pending Sales were down 32.4 percent to 1,232. Inventory levels fell 7.4 percent to 6,693 units.
Prices continued to gain traction. The Median Sales Price increased 4.8 percent to $195,000. Days on Market was down 5.1 percent to 75 days. Sellers were encouraged as Months Supply of Inventory was down 9.8 percent to 4.6 months.
There have been no striking changes to curtail what should be a decent run of home sales over the next several months. Mortgage rates have remained stubbornly and wonderfully low, the unemployment rate has remained at or near 5.0 percent for eight straight months and wages have increased for a great many people. New construction has been slow, and that may be a damper on sales, but the general outlook remains strong.
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: Metro MLS Market Updates or visit www.metromls.com.