The Dow Jones Industrial Average topped 30,000 for the first time, while mortgage rates reached new record lows again in November. These new records have encouraged buyers to move forward on home purchases, which continued to remain strong overall for the month.
New Listings in the Milwaukee region decreased 0.7% to 1,232. Closed Sales increased by 22% to 1,717. Inventory levels fell 9.9% to 3,037 units.
Prices continued to gain traction. The Median Sales Price increased by 8.7% to $250,000. Days on Market was down 26.5% to 25 days. Sellers were encouraged as Months Supply of Inventory was down 9.5% to 1.9 months.
Showing activity remains higher than the same period a year ago across most of the U.S., suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.
All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by ShowingTime. The views and opinions expressed in this article are those of the authors and should reflect only on trends that affect real estate economics.