Strong buyer activity has continued into the fall, which typically is the start of the housing market’s seasonal slowing. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence. That will keep the housing market hot even when the weather is cooling.
New Listings in the Milwaukee region increased 4.1% to 2,244. Closed Sales were up 26.4% to 2,086. Inventory levels rose 2.8% to 4,046 units. Prices continued to gain traction. The Median Sales Price increased by 4.2% to $250,000. Days on Market was down 17.2% to 24 days. Buyers felt empowered as Months Supply of Inventory was up 8.0% to 2.7 months.
While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, making it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing fantastic resilience in the middle of a pandemic.
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.