Home sales were up 5 percent in the metro Milwaukee market in November – marking the 10th consecutive month of positive sales, according to a report by the Greater Milwaukee Association of Realtors.
Last month, 1,182 homes sold compared to 1,126 in November 2014. Comparing the numbers to 2013, sales were up 6.9 percent.
Many of the homes sold were in move-in condition and received multiple offers, but the real story is in the inventory level, said Mike Ruzicka, president of the association.
The seasonally-adjusted inventory level for November was 5.7 months, down from October’s 6.4 months.
“This unusually tight inventory number is probably an anomaly given that we often see a decline in listings in late fall and, this year, we have continued to see strong purchasing into the fall, when sales would normally slow down,” Ruzicka said.
Buyers should be prepared to make an offer on a home quickly due to the limited number of houses available in their market segment, Ruzicka said.
The association is predicting interest rates will increase as soon as this month, which will have a mild impact on mortgage rates.
Read more at the BizTracker page, a collection of economic data reports.
