MILWAUKEE — Sales of existing homes in the Milwaukee area slipped just over 2 percent in August, continuing a slower year for the metro housing market.
The Greater Milwaukee Association of Realtors reports that 1,821 homes were sold last month. That's down slightly from 1,862 in August of 2013.
Through the first eight months of 2014, sales were down 5.5 percent from the same period a year ago. August was the eighth consecutive month of lower sales than in the previous year.
Mike Ruzicka, president of the local Realtors organization, tells the Milwaukee Journal Sentinel (http://bit.ly/1uy8nBw ) real estate professionals aren't alarmed by the trend because other characteristics of the market are improving.
He notes that a large percentage of sales in past years involved foreclosures and other distressed properties.
Information from: Milwaukee Journal Sentinel, http://www.jsonline.com
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