Home sales skyrocket in metro Milwaukee during May

Home sales in metropolitan Milwaukee rose in May 26.8 percent from the same month a year ago, according to the latest report by Metro MLS Inc.
All four metropolitan counties saw significant increases in sales. Ozaukee County led the way with a 52.5-percent increase, followed by Washington County with a 51.5-percent increase, Waukesha County with a 44.2-percent increase and Milwaukee County with a 14.7-percent increase.
The three suburban counties saw much more dramatic increases in the percentage of business because their sales in 2009 were so anemic, according to the Greater Milwaukee Association of Realtors (GMAR). Those counties added to their inventory of “move-up” houses during the recession, and the $6,500 homebuyer tax credit targeted at that market segment helped to boost sales.
Brokers are reporting that accepted offers slowed down and the market has taken a breather from its hectic pace this past spring.
However, with consumer confidence rising, extremely favorable interest rates, low house prices, and plenty of inventory, the GMAR expects the rest of 2010 to be “fairly decent” for home sellers, but will remain a buyers’ market.