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December 2015
In 2015, national residential real estate, by and large, had a good year. Supply
and demand were healthy in an environment rife with low interest rates and improved employment. The Federal Reserve finally increased short-term rates in December, and more increases are expected in 2016. Housing markets have shown a willingness to accept this. Save for a few expensive outliers where low inventory and high prices have become the norm, a balanced market is anticipated for much of the country for the foreseeable future. Improved inventory and affordability remain key factors for continued optimism. New Listings in the Milwaukee region decreased 0.4 percent to 926. Pending
Sales were down 24.8 percent to 706. Inventory levels fell 11.9 percent to 5,347 units. Prices continued to gain traction. The Median Sales Price increased 7.6 percent
to $183,000. Days on Market was down 8.2 percent to 78 days. Sellers were encouraged as Months Supply of Inventory was down 20.0 percent to 3.6 months. Gross Domestic Product increased at an annual rate near 2.0 percent to close
2015, and that rate is expected to increase next year. Residential real estate is considered a healthy piece of the national economy. Contributing factors from within the industry include better lending standards and foreclosures falling back to more traditional levels. Declining unemployment, higher wages and low fuel prices have also conspired to improve personal budgets. 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.
Please contact your respective MLS with any questions. You may also follow our updates at http://twitter.com/metromls.
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