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July 2016
Even as prices rise in many communities, homes are selling faster now than
they have in the past several years. This creates a situation where buyers need
to move fast in order to secure homes, and they may have to pay more for
them. While increasing prices generally coax more selling activity, there has
been some hesitancy among potential sellers who worry that they will not be
able to buy a desirable and reasonably priced home once they sell.
New Listings in the Milwaukee region decreased 10.4 percent to 2,288. Pending
Sales were down 36.3 percent to 1,150. Inventory levels fell 10.2 percent to
6,906 units.
Prices continued to gain traction. The Median Sales Price increased 1.3 percent
to $197,500. Days on Market was down 9.2 percent to 59 days. Sellers were
encouraged as Months Supply of Inventory was down 11.3 percent to 4.7
months.
Low housing supply has already prevented an outright national boon in sales
activity, despite a continuation of near record-low mortgage rates and an
unemployment rate under 5.0 percent deep into 2016. The issue is not
purchasing power. Many areas are falling behind last year's closed sales totals
simply because of lack of available inventory. As this continues, higher prices
may put a deeper squeeze on the current buyer pool.
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
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