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September 2017
Every market is unique, yet the national sentiment has given rise to the notion
that housing markets are stalling. Although desirous buyers are out on an
increasing number of showings, there remains a limited number of desirable
listings. And although mortgage rates have remained enticingly low, home
prices have reached unaffordable levels for many new entrants into the housing
pool at exactly the same time that established owners are proving to be less
interested in moving.
New Listings in the Milwaukee region decreased 0.2 percent to 2,006. Pending
Sales were down 54.2 percent to 715. Inventory levels fell 3.6 percent to 5,919
units.
Prices were fairly stable. The Median Sales Price increased 1.0 percent to
$203,000. Days on Market was down 34.4 percent to 42 days. Absorption rates
were even with last year as Months Supply of Inventory remained flat at 3.9
months.
Last year at this time, the national storyline was about how high demand was
propping up sales and prices despite low inventory and months of supply. That
has actually continued to be a familiar refrain for many months in 2017 and now
for the past couple of years. But with the likes of Hurricanes Harvey and Irma,
different employment outlooks, disparate incomes, varying new construction
expectations and potential housing policy shifts, regional differences are
becoming more prevalent and pronounced.
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
.
The views and opinions expressed in this article are those of the authors and should reflect only on trends that affect the economics of real estate.
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