Ignore the positive talk from the Realtors. 3.4% decrease in inventory with a 8.2% decrease in sales means that the housing market is slowing. High prices and rising mortgage costs are having an impact and the market is correcting. It needs to happen.
The data released Wednesday by the GMAR says that sales of homes decreased by 8.2% in April compared to April 2021. All four metro Milwaukee counties were hit with Washington County seeing the most significant decrease of 28.3% in April, compared to one year prior. Waukesha County had a decline of 11.9%, followed by Ozaukee County at 11.5%. Of the four counties, Ozaukee County had the smallest decline at 2.8%.
“But no one should panic, because looking at the first four months of the year there were 5,658 units sold, the second most on record. Second only to 2021’s 5,730,” reads the report by Ruzicka. “In fact, much of 2022 will probably appear to be down compared to last year, because 2021 was an exceptionally wild year for residential real estate.”
What has been a major concern for the past few years is the number of home listings. Again, the first period of 2022 showed fewer properties listed for sale. GMAR reported that there were 7,342 listings during the first four months of 2022, which is a 3.4% decrease compared to the first quarter of 2021.