As the weather warms and the first day of summer rapidly approaches, the U.S. housing market shows little sign of cooling down. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows.
New listings in the Milwaukee region increased 2.4% to 2,217. Closed sales increased by 15.8% to 1,752. Inventory levels rose 17.2% to 3,151 units.
Prices continued to gain traction. The median sales price increased 12% to $280,000. Days on Market was down 41.4% to 17 days. Buyers felt empowered as the months supply of inventory was up 11.8% to 1.9 months.
With such a limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers.