November sales of existing homes in the four-county metropolitan Milwaukee area were up 24.2 percent compared to November 2011, according to the latest report from the Greater Milwaukee Association of Realtors (GMAR). In November, 1,202 homes were sold in the area compared to 968 in November 2011.
For the year, sales are up 25.7 percent compared to 2011, the GMAR report said.
“GMAR brokers are excited to finish the year on a strong note, and hopes are high that the federal government will avert any dramatic shock to the economy or financial markets by avoiding the fiscal cliff,” said GMAR president Mike Ruzicka. “Lenders are still very shy about making mortgage loans, even to home buyers with good credit; and any shock to the credit markets will lengthen an already long housing recovery.”
With 1,505 new listings in November, down 1.9 percent from 2011, the market has an inventory level of nine months, up from October’s 8.4 months (the time it would take to sell all of the homes on the market at that time).
“On the supply side, listings are still very tight as they have been all year.” Ruzicka said.
