Metro Milwaukee home sales down 7.7% in May

There were 1,697 home sales in the four country metro Milwaukee area in May, a 7.7 percent decline from May of 2013, according to the latest report from the Greater Milwaukee Association of Realtors.

It was the fifth consecutive month of year-over-year home sale decrease in the metro Milwaukee area.

“Despite a slower market, the GMAR is not hearing any concern from area brokers,” said GMAR President Mike Ruzicka. “ They are very confident that, while a little slower than last year, the market is on solid economic ground with unemployment at 6.1 percent and agents staying very busy helping sellers and prospective buyers. We are receiving several reports of multiple offers on properties.”

Listings placed on the market increased by 2.6 percent in May, the fourth-straight month of growth. The inventory level (the time it would take to sell all of the homes on the market at a given time) for May was 8 months, slightly above April’s 7.5-month level. That level represents a balanced housing market between buyers and sellers.

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