According to Metro MLS, which tracks home sales in the region, there were just over 900 homes sold in the area during September, a 28.6 percent drop-off from September of last year. But at the same time, prices increased by nearly 7 percent. Officials said that the increase was due to more sales coming from existing homeowners trading up and moving into bigger homes.
"You still have a lot of foreclosures that are selling, but I think you've also added these higher-end ones," local real estate agent David Schmidt told the Milwaukee Journal Sentinel. "I'm not talking about moving into that million-dollar house. I'm talking about the average guy moving into that $250,000 house."
The 28.6 percent drop in sales is also much less drastic than was seen in recent months. Year-over-year sales in August and July were down 36.9 percent and 45.3 percent, respectively.
Those families are also timing their relocation when they can take advantage of record-low interest rates. According to the latest weekly survey by Freddie Mac, the average rate for a 30-year fixed-rate loan was 4.27 percent - the lowest ever recorded.
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