The housing and stock markets continue to be the leaders in the economy. In August, showings remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
New Listings in the Milwaukee region increased 2.1% to 2,410. Inventory levels rose 10.5% to 4,196 units.
Prices continued to gain traction. The Median Sales Price increased by 12.4% to $281,080. Days on Market remained flat at 28 days. Buyers felt empowered as Months Supply of Inventory was up 20.8% to 2.9 months.
As we look towards the fall, we usually see housing activity slow down as the back-to-school season begins. But, this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.
All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by ShowingTime. To view this month’s market reports, 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 real estate economics.