Home Sales And Prices Continue To Rise: Realtors
Homes are selling and prices are rising.
That summary from the April Wisconsin Realtors Association report of home sales and prices from April. Statewide, home sales rose 8.8 percent in April 2016 compared to that same month a year ago., making this April the strongest April sales volume since 2005. This sales pace helped push statewide median prices to $161,000, which is 4.9 percent higher than April 2015.
Economist David Clark of the Realtors Association says the growth continues after a tough period during the Great Recession...
".....we've ended four years of price growth and we're entering the fifth year. All in all, a pretty solid performance for the month of April..."
Clark says the economy is stable, unemployment is dropping, but more importantly, interest rates remain low after the Great Recession...
".....they were right around 3.61 percent for a thirty-year fixed rate mortgage. For a 15-year mortgage it's in the 2.69 percent range.. These are pretty close to historical lows..."
In the Northwoods, the average home price moved to $128,000, up from $110,000 one year ago. Sales were 1,632 units, up 7 percent from last year. Clark says even with rising prices and more people looking from a stable economy, interest rates remain low for prospective buyers.