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Business & Economics

November Home Sales Steady As Prices Continue To Rise

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The Northwoods might be the exception, but other portions of Wisconsin are seeing upward pressure put on home prices as the number of single-family homes faces a shortage.

The monthly report by Wisconsin Realtors Association shows statewide sales continue to be brisk, nearly matching last November's strong sales.

Economist David Clark works with the Association. Median prices were up about 7 percent..

"...Our sales are still lagging January through November of this year by about 1.7 percent. The median price picture is pretty similar. Year-to-date median price are up about 6.7 percent..."

But northern and central Wisconsin continue to show growth in prices and sales, with the median price in central Wisconsin up 9 percent and sales for the year up more than 2 percent.

In the Northwoods, price is up nearly 7 percent to $155,000 and more than 7,300 units sold this year in the northern 18 counties. He says while areas of southern Wisconsin continue to see a shortage of available homes for sale, the situation is less pressured in the central and northern Wisconsin...

"...Inventory for November is at about 7.3 months of supply. That's a slight advantage to buyers. The balance point is thought to be about six months. That said, they certainly have less inventory this year than they had last year. November of last year we had 8.7 months. It's dropped quite a bit as sales have picked up...."

Clark says mortgage rates are up about one percent from one year ago, today around 4.3 percent. He says that also could reduce affordability. He says right now, both the national and state economies are doing well. He says there are some signs of a slowdown in the economy a year or more off.

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