2019 Ends With Housing Sales Up In North, Prices Keep Rising
Wisconsin closed 2019 on a high note in December with both home sales and median prices up by double digits. That assessment is from the most recent analysis of the existing home market by the Wisconsin Realtors Association.
Economist Dr. David Clark works with the Association. He says the market for homes is continuing
"..the same issues we've been facing for a couple of years and that is we have relatively solid demand, low unemployment rate, low mortgage rates driving the demand side but relatively weak supply, so something has to give and what gives in this case is the price. Prices are up..."
Home sales increased nearly 15 percent between December 2018 and this past December, and median prices rose 10 percent to $197,000....
"..The northern region was up about 1.1. percent in total sales and prices were up about 6.4 percent. So, a solid year for the north, a solid year for the state. I think we're pretty well positioned to have a solid year for 2020..."
The average home price in the 18-county northern region is $164,000. Clark says the silver lining has been a significant reduction in mortgage rates over the last year, which served to keep Wisconsin housing affordable. The 30-year fixed-rate mortgage has remained below 4 percent since June of last year, and it stood at 3.72 percent in December.