heart listings near me luxury lot size square_footage house house floral glyph floral glyph fancy bathrooms bedrooms garage trending_down trending_up chevron-thin-left chevron-thin-right speech bubble play expand printer calendar star search close camera envelope googleplus linkedin twitter youtube instagram menu phone facebook pinterest print Facebook Twitter Pinterest Google Plus Email Tumblr Business Card Virtual Tours Sold Properties

Housing Market Update | Milwaukee Real Estate

Market Update

New Home Sales: New Sales Slipping Further from Peak

  • There were 616,000 new home sales nationwide in December (SAAR), up 2.3% from November and down 26.6% from December 2021, according to the U.S. Census Bureau.
  • The median sales price of new houses sold in December was $442,100.
  • The seasonally-adjusted estimate of new houses for sale at the end of December was 461,000, a supply of 9 months at the current sales rate.

Residential Investment Continued to Hold Back the US economy in the Fourth Quarter

  • Real Gross Domestic Product (RGDP) increased at a seasonally adjusted annual rate of 2.9 percent in the fourth quarter of 2022. Real GDP increased 2.1 percent in 2022.
  • Residential fixed investment decreased by 10.7 percent in 2022 as new single-family construction and brokers’ commissions fell.
  • Final sales to domestic purchasers rose only 0.8 percent in the fourth quarter – highlighting weakness in the domestic economy. For the year, final sales to domestic purchasers increased 1.7 percent compared to 6.7 percent in 2021.

Powers Realty Group is a distinctive boutique real estate broker focused on the needs of customers delivering exceptional results. We are the trusted local experts. Call us today about buying or selling your home.

Call Suzanne Powers