Home Sales Flat In February But Prices Rise
After several months of upward growth in Wisconsin's realty markets, February numbers were reported to be down. overall.
Wisconsin Realty Association reports home sales fell 2.6 percent in February relative to February, 2016 numbers but the median price rose 6 percent nearly $155,000 over that same period. Realtors economist David Clark says February traditionally is a down month for selling homes. He says even with the season, the number of homes for sale is dropping. In urban counties, inventories are down to 3.4 months, and in rural counties, it's over seven months.
Both are lower than years past...
"....a couple of years ago, we were looking at over a years worth of inventory in rural parts of the state. All in all, that tight inventory has been pushing prices up...."
He says people are buying even though interest rates are nudging up...
"....mortgage rates, while they've still been rising, they're still low by historical standards, they're at 4.2 percent for January and February. You have strong demand conditions. "
In the 18 counties including the Northwoods, prices were up 3.4 percent to 129,000 but sales volume was off just short of 2 percent from a year ago.