If you're selling a home now, you could be in a good place. If you're trying to buy one, it's likely going to cost you more.
The Wisconsin Realtors Association reports for the second straight month, robust sales of existing homes and limited statewide inventories of homes for sale drove housing prices higher January home sales were 8.9 percent higher than existing home sales in January 2019, and the median price rose 8.6 percent to $190,000 over that same 12-month period.
Economist Dr. David Clark works with the Association. He says sales usually drop mid-winter, but sales this year outpaced sales from January, 2019. He says in urban areas, they're down to about 3 months worth of supply, while more homes are available for sale in rural areas...
"In the northern region, sales were up about 4 percent and prices were up about 14 percent when you look at this January versus last January. So a pretty solid picture even though our supply situation doesn't seem to be improving..."
In the 18-county northern region, the average home price has risen to $158,000. The average days on the market in this region has fallen to 161 days. Clark says mortgage rates continue to be low, unemployment is low, and the economy is stable which leads to the current housing crunch.
