Clark: Fewer Homes To Buy, Prices Going Up
Parts of Wisconsin's housing market is becoming so tight for homes available to sell that the overall market is down and the prices are up. That assessment from Wisconsin Realtors Association who reported March sales significantly lower than one year ago.
Home sales were 14 percent lower than a year ago, and prices are up almost 6 percent.
Only the less populated rural counties had a balanced market, at 6.4 months of available housing supply. Economist David Clark works with the Association says it's a strong sellers market with less than four months worth of inventory. He says the harsh winter weather was also a factor. He says the colder weather months find some sellers taking homes off the market.
In the northern part of the state, the counties here followed the statewide trend, though more homes were available..
"..Year-to-date median prices were up 6.3 percent and sales were down about 6.3 percent. The fact that the numbers are identical is a coincidence, but the general pattern of higher prices and reduced sales are what we are seeing throughout the state...."
In the Northwoods, the median home price is $143,000, up $8,000 from last year and sales were down 6.3 percent. Realtors Association leaders say the ability to buy a home is remaining steady. Unemployment is low, incomes are up and mortgage rates are holding near where they have been.