MARKET REPORTS: October 2018
Some economy observers are pointing to 2018 as the final period in a lIf the last few months are an indication of the temperature of housing markets across the country, a period of relative calm can be expected during the last three months of the year. A trend of market balance is emerging as we approach the end of 2018. Prices are still rising in most areas, and the number of homes for sale is still low, but there is a general shrinking of year-over-year percentage change gaps in sales, inventory and prices.
New Listings in the Milwaukee region increased 1.9 percent to 1,814. Pending Sales were down 56.0 percent to 635. Inventory levels fell 2.1 percent to 4,732 units.
Prices continued to gain traction. The Median Sales Price increased 3.5 percent to $215,000. Days on Market was down 20.4 percent to 39 days. Buyers felt empowered as Months Supply of Inventory was up 6.9 percent to 3.1 months.
Stock markets experienced an October setback, but that does not necessarily translate to a decline in the real estate market. The national unemployment rate has been below 4.0 percent for three straight months and during five of the last six months. This is exceptional news for industries related to real estate.
Meanwhile, homebuilder confidence remains positive, homeownership rates have increased in the key under-35 buyer group and prices, though still rising, have widely reduced the march toward record highs.