May 2015
Multiple Listing Service, Inc.
The U.S. economy has been pretty even so far this year. Usually when new
figures are released, they paint a pretty picture worthy of putting above the
fireplace in that purchased new home. Recently, some numbers for the first
quarter were adjusted to show a slight contraction in the economy. The initial
response from Wall Street was unfavorable, but the correction itself is truly a
mere blip. Nobody is predicting that the market will take a sudden turn.
New Listings in the Milwaukee region decreased 1.3 percent to 2,773. Pending
Sales were down 29.8 percent to 1,229. Inventory levels rose 2.0 percent to
8,258 units.
Prices continued to gain traction. The Median Sales Price increased 11.2
percent to $195,000. Days on Market was down 17.0 percent to 70 days.
Absorption rates were even with last year as Months Supply of Inventory
remained flat at 6.1 months.
One interesting effect of a weaker-than-expected economy is that the Federal
Reserve does not seem ready to raise short-term interest rates during summer,
as some had suggested might happen. New projections indicate that rates will
remain the same until September at the earliest. The dominant storylines in
housing are decidedly not negative these days. Instead, you’re more likely to
see top sales and luxury living highlighted than the woes of foreclosures and
short sale.
All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link: Metro MLS Market Updates or visit www.metromls.com.