As we progressed through February, the actual and expected impacts of COVID-
19 continued to grow, with concerns of economic impact reaching the stock
market in the last week of the month. As the stock market declined, so did
mortgage rates, offering a bad news-good news situation. While short term
declines in the stock market can sting, borrowers who lock in today’s low rates
will benefit significantly in the long term.
New Listings in the Milwaukee region increased 15.9 percent to 1,649. Pending
Sales were down 61.3 percent to 491. Inventory levels rose 20.8 percent to
3,510 units.
Prices continued to gain traction. The Median Sales Price increased 13.3
percent to $220,000. Days on Market was down 10.7 percent to 50 days.
Buyers felt empowered as Months Supply of Inventory was up 27.8 percent to
2.3 months.
The recently released January ShowingTime Showing Index® saw a 20.2
percent year-over-year increase in showing traffic nationwide. All regions of the
country were up double digits from the year before, with the Midwest Region up
15.7 percent and the West Region up 34.1 percent. As showing activity is a
leading indicator for future home sales, the 2020 housing market is off to a
strong start.
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.
