Market Report for May 2011
By Sonya Mays
According to the Multiple Listing Serviceâ€™s Monthly Report for the 4-county Milwaukee Metropolitan area, the month of May showed some challenges as the homeownership rate dropped to 66.5 percent as opposed to 69 percent from 2005.Â Â Â The national interest rate was at 4.88 percent for a 30-year fixed conventional loan product, while the unemployment rate rose to 9.1 percent.Â
The report shows that there is 13.8 months of housing inventory, which is a 40% increase from a year ago.Â There were 2,569 new listings that came on the market in May, and 11,793 listings to choose from in the 4-county Milwaukee Metropolitan area.Â Â Properties were staying on the market for 112 days on average. Â There were 1,108 closed sales in May with a median sales price 169,000.Â
Homes are still very affordable as the affordability index continued to rise to 171 which is a 9.5 percent increase from a year ago.
The numbers may not point to an immediate housing recovery, but consumer confidence continues to grow as we see more job growth, home affordability, and other economic variables needed to help stimulate the market.