Metro Milwaukee home sales down 2.2% in August

Home sales in the four county metro Milwaukee area were down 2.2 percent in August, the eighth consecutive month of fewer home sales year-over-year, according to the latest report from the Greater Milwaukee Association of Realtors.

The four county area had 1,821 home sales in August, compared to 1,862 sales in August of 2013.

Year to date, the metro area has had 11,745 home sales, down 5.5 percent from the same period a year ago.

Despite the sales decline, “this has not caused any consternation within the real estate community,” said GMAR President Mike Ruzicka.

“A large percentage of last years’ sales were among distress properties,” he said. “In 2014, most sales are among ‘traditional’ buyers, characterized as younger, first-time buyers; move-up buyers with children looking for a larger home; and empty-nesters moving into a new home or condo. Despite sales numbers down from 2013, brokers and agents are very enthusiastic about the metropolitan real estate market. The quality of buyers is a major reason for their level of confidence.”

The number of homes listed for sale in the metro area decreased in August by 2.5 percent, the first decrease in listings in six months. The seasonally adjusted inventory level (the time it would take to sell all of the homes on the market at a particular time) for August was 8.3 months, slightly behind July’s 8.5 month level.

“Inventory has been rising…for most of the year, buyer interest remains high, and sellers can expect realistic prices,” Ruzicka said. “All combine for a solid market.”

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