October was busier than usual. Buyer activity remains higher than normal for this time of year, while in many segments of the market, housing supply remains much lower than one year ago. Multiple offers remain common in many areas, keeping housing hot while the temperature continues to fall.
New Listings in the Milwaukee region increased 9.1% to 2,068. Closed Sales increased by 26.2% to 2,105. Inventory levels fell 5.4% to 3,535 units.
Prices continued to gain traction. The Median Sales Price increased by 10.2% to $255,000. Days on Market was down 28.6% to 25 days. Sellers were encouraged as Months Supply of Inventory was down 4.3% to 2.2 months.
Mortgage rates dropped to new record lows in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices in many markets across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.
All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by ShowingTime. You can view the reports HERE.
The views and opinions expressed in this article are those of the authors and should reflect only on trends that affect real estate economics.