Sales surge continues for Milwaukee housing market

October sales of existing homes in the metropolitan Milwaukee housing market were up 32.8 percent compared with the same month a year ago.

In October, 1,386 homes were sold, up from 1,044 a year earlier.

For the year, sales are up in the Milwaukee market 25.9 compared to 2011 (13,735 vs. 10,913), and up 27 percent in contrast with 2010 (10,760 sales).

The reason for the large increase in sales was an extension of the summer/fall market which typically trails off after Labor Day, according to the Greater Milwaukee Association of Realtors (GMAR). However, this year buyers decided to continue taking advantage of historically low interest rates and low prices, into the fall.

Homes that sold in the $100,000-range ($100,000 – $199,999) comprised almost one third of the local housing market in October.

About half of all buyers of residential and condominium property utilized a conventional 30-year mortgage to finance their purchase in October.

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