While the effects of COVID-19 in the broader economy continue, real estate
activity is beginning to recover across much of the country. According to
Freddie Mac, mortgage rates have been below 3.3 percent for more than four
weeks and are hovering near all-time lows, spurring strong interest by buyers
and lifting showing activity up 4% nationally versus a year ago in the final week
New Listings in the Milwaukee region decreased 24.2 percent to 2,054. Pending
Sales were down 72.1 percent to 581. Inventory levels rose 15.6 percent to
Prices continued to gain traction. The Median Sales Price increased 2.0 percent
to $250,000. Days on Market was down 14.7 percent to 29 days. Buyers felt
empowered as Months Supply of Inventory was up 27.3 percent to 2.8 months.
Buyers have been quicker to return to the housing market in force than sellers,
who have been showing a bit more reluctance to list their homes than is typical
for this time of year. But trends are improving and as states and localities
continue to moderate their COVID-19 policies, real estate activity is expected to
continue to improve in the coming weeks.