© 2024 WXPR
Play Live Radio
Next Up:
0:00 0:00
Available On Air Stations

Tightening Inventory Brings Home Prices Higher

http://alphastockimages.com Nick Youngson

Home sales are a key indicator of the economy. Wisconsin's realtors are seeing fewer homes to sell, interest rates are inching up and prices are increasing.

Wisconsin Realtors Association economist David Clark says a tightening inventory in urban areas has caused a problem...

"...Comparing April of this year to April of last year, sales, statewide were basically flat. They were down about half of a percent. Median prices were up about 5.9 percent. If you look at the four months for the beginning of the year, we were up slightly, about 1.7 percent compared to the first four months of 2017...."

Median prices are up 5 percent for the month of April alone. In the Northwoods, the median home price is up just over 4 percent to $142,000. Sales in April were about the same as one year ago.

The average price of a Vilas county home is $185,000, Iron county at $173,000, Oneida county $167,000, Forest county $148,000 with Lincoln county at $125,000 and Langlade county at $76,000.

Clark says it's a good time in most parts of the state if you have a home for sale...

"....the sellers market has strengthened. We have less inventory in terms of months of supply this April compared to last April. That's what keeping sales down there aren't as many homes for sale. It's also what is driving prices up...."

Clark says the strong economy and low jobless numbers are driving the surge in home buying.

Up North Updates
* indicates required
Related Content