Survey Says Milwaukee Home Prices Are Down

MILWAUKEE, Wis. (WTAQ) - A new survey says home prices in southeast Wisconsin will start going down again. The report from Fiserv Case-Schiller predicts a one-percent drop in the average home price in Metro Milwaukee during the year ending next March.

That would reverse a trend in which home prices in the region jumped by one-percent by this past March. Fiserv economist David Stiff says it will take many years for the home market to stabilize, as buyers and sellers look for price levels that remove lots of vacant homes from the market.

Stiff says the result could be wavering home prices around their recent low levels for the next two to three years. And he says that’s especially true in places with the biggest price variations. The new report said Milwaukee area home prices have dropped just over 10 percent in the three years ending this past spring.