Home sales in the metro Milwaukee area rose 4.7 percent in July, compared to July of 2017, according to the Greater Milwaukee Association of Realtors.
The year-over-year sales increase for July comes after two months of year-over-year home sales declines in the area.
For the first seven months of the year, home sales in the metro Milwaukee area are up 1.5 percent compared to the same period a year ago, with a total of 12,264 so far in 2018.
“The strength of the current metropolitan real estate market is an extension of the post-recessionary market that began in early 2015,” said Mike Ruzicka, GMAR president. “Much of the market’s power is fueled by an influx of first-time buyers, accounting for approximately 40 percent of the market, historically low interest rates, and a strong regional job market.”
The number of homes sold in July rose 7.2 percent in Milwaukee County (to 1,198) and 5.7 percent in Waukesha County (to 663). But the number of homes sold in July declined 6.9 percent in Washington County (to 188) and 3.0 percent in Ozaukee County (to 131).
The number of homes listed for the sale in the area rose slightly (0.5 percent) in July, compared to a year ago. Listings were up 10.4 percent in Waukesha County, but were down in the other three metro area counties, dipping 1.4 percent in Milwaukee County, 5.9 percent in Washington County and 16 percent in Ozaukee County.
The metro area’s housing market has a seasonally adjusted inventory (the time it would take to sell all of the homes on the market) of four months, which is considered a seller’s market. Generally, six months is considered a balanced market.
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