New listings in the Milwaukee area for January are down a significant 13.9 percent from last year and 25.4 percent from two years ago-good news considering the large supply of homes currently for sale. Total inventory is down 2.9 percent from this time last year, but the Months Supply of Inventory still sits at a relatively high 10.1 months. This indicates that the market sits firmly in the buyer's favor.
Pending sales in January are down 38.5 percent from last year, clocking in at 582 sales, while closed sales declined 31.5 percent to 502 sales. This is the smallest amount of January sales recorded since our data begins in 2003.
In our "good news for buyers" segment, the median sales price for the Milwaukee area in January was $165,000. While this is a decrease from last year by 10.7 percent, and means a tougher price environment for sellers, it has meant good news to housing affordability. The Housing Affordability Index (HAI) for January was 159, up 18.5 percent over the last two years. This means that the median household income in Milwaukee is 159 percent of what's necessary to qualify for the median priced home.
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