Homes sales on the rise in Milwaukee and Baltimore

Many local markets saw increases in home sales for the month of July, including Milwaukee, Wisconsin, and Baltimore, Maryland.

The Milwaukee Journal Sentinel reported that, according to The Greater Milwaukee Association of Realtors, sales of existing homes in the Milwaukee metro area increased 46 percent in July from a year ago. Mike Ruzicka, president of the Realtors group, told the news source investors and homebuyers have been lured back into the market by 30 percent lower home prices and consistently low mortgage rates.

"As the oldest members of Gen Y start deciding to buy homes, the metropolitan marketplace should continue to see an increase in sales among this demographic group," Ruzicka told the news source.

The Baltimore Sun recently reported that, while home prices continued to fall in the Baltimore region, the home sales increased 12 percent in July, showing growth for the eighth time in the last nine months. Still, the average home price in Baltimore in July was 5 percent less than the year prior at $279,000.

Cindy Ariosa, senior vice president for Long and Foster's Baltimore, told the news source many sellers are covering the difference between the sale price and what is left on the mortgage when settling with buyers. If the money is not available, though, it turns into a short sale where banks cover the difference or foreclosures.  

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