Home Sales, Prices Rising Say Wisconsin Realtors
Home sales continue to rebound in Wisconsin, though rural Wisconsin has some different results than more urban areas. Wisconsin Realtors Association economist David Clark says the association saw growth compared to last year...
".....our nine month sales volume of existing home sales are up about 12.6 percent compared to the first nine months of last year and median prices are up 5.7 percent...."
Although there are currently 13 months of unsold inventory available in rural counties, the metropolitan counties in the state have just six months of available supply. In the Northwoods, the median price was up nearly 7 percent from last year and sales volume was up nearly 15 percent from last year.
Clark says economic conditions are improving, and interest rates are low which leads him to believe the public will continue to keep buying. ..
"...in terms of sales, I think the primary driver is low interest rates and an economy that's been improving..."
Existing home sales were strong in every region of the state in September, with robust sales in the North, up nearly 18 percent. In the Central region, sales were up 14.2 percent compared to last year. The median price of a home in the Northwoods also rose almost seven percent to $135,000. The 30-year conventional mortgage rate was just 3.89 percent in September, which is about a quarter point lower than this time last year. Both of these developments help to keep affordability at high levels even as median prices rise.