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Home sales in the Metropolitan Milwaukee market area showed a positive trend in the 1st quarter of 2024, with a 6.2% increase overall and a 5.2% rise in March alone.
Listings also saw an uptick, rising by 4.4% in March and 9.9% through the 1st quarter compared to 2023.
This increase in both listings and sales might indicate that sellers and buyers are adjusting to the presence of higher interest rates as a long term reality.
Moreover, prices continued their upward trajectory, marking an 8.9% increase through the 1st quarter, extending a twelve-year streak.
This surge in prices can be attributed to the persistent issue of limited new listings and construction, a problem that has endured for years. However, there's a glimmer of hope in the new construction sector.
Through February, 288 new construction permits were taken out in the 4-county area, 44.5% above the same period in 2023, good news but well below the production level needed to meet demand.
To read the full report and graphics, click here.
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