While much of the country was working on a phased reopening of the economy
in June, real estate activity continued to strengthen as well. Nationally, June
showing activity as tracked by ShowingTime was up notably from the COVID-19
depressed levels in recent months but was also up from June 2019, reflecting
pent-up demand by prospective home buyers.
New Listings in the Milwaukee region decreased 9.5 percent to 2,308. Sales were down 17.4 percent to 1,760 compared to June 2019. Inventory levels rose 18.5 percent to 4,152 units.
Prices continued to gain traction. The Median Sales Price increased 5.4 percent
to $260,000. Days on Market was up 14.3 percent to 32 days. Buyers felt
empowered as Months Supply of Inventory was up 36.4 percent to 3.0 months.
While buyer activity continues to be robust, seller activity continues to be a bit
softer, with fewer homes being listed for sale than a year ago. Many housing
experts believe sellers remain reluctant to list their homes due to continued
concerns over COVID-19, which was beginning to see a resurgence in June.
Until sellers regain confidence, housing inventory will continue to be constrained
during what is expected to be an active summer selling season.
