At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. And although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
New Listings in the Milwaukee region decreased 5.1 percent to 2,619. Pending Sales decreased 65.4 pecent to 737. Inventory levels increased 32.5 percent to 4,849 units.
The Median Sales Price increased 14.2 percent to $245,500. Days on Market decreased 13.2 percent to 33 days. Months Supply of Inventory increased 52.2 percent to 3.5 months.
An extended trend of low unemployment, higher wages and favorable mortgage rates has been a terrific driver of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation.
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.
