The housing market is heating up even in these cold months which means in some parts of the state, the number of homes for sale has dropped. This is causing prices to rise, though that trend is less intense in rural areas. Those are the conclusions of an economist working with Wisconsin Realtors Association looking at November sales and price data.
David Clark says 2015 was a strong year, that is being topped by 2016....
".....November sales were up 19 percent compared to last year. Last November was a solid(month) it's just that we had a really strong November in 2016. Median prices were up 8.3 percent compared to last November...."
Interest rates for home loans have been near record lows, but that might change....
"...if the economy begins to weaken, right now we have a very strong economy, they can stimulate the economy by lowering interest rates. When short term rates are near zero, you don't have a lot of tools in the toolbox..."
The median statewide price was up to an average of $165,000. Sales were also up 5 percent from a year ago. In the north, sales and median price were 6 percent higher than last year.
Clark says rural counties tend to have more available inventory, but said in some of the more populated areas, finding a decent house for a reasonable price is becoming more difficult.
